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2023 (10) TMI 139 - DELHI HIGH COURTReopening of assessment - allegations levelled against the petitioners/assessees are that they are beneficiaries of accommodation entry provided by one Mr Ankit Jain, proprietor of Rishabh Trading Company - what's the relevant material available with AO which persuaded him to trigger the reassessment proceedings against the petitioners/assessees? HELD THAT:- As referring to answer furnished by Mr Ankit Jain this was the only part of the statement that Respondent could rely upon in support of his stance that there was material available to establish under-invoicing being carried on. At the highest, what can be stated in favour of the respondents/revenue is that Mr Ankit Jain has accepted the fact that cash transactions were made outside the books of account. Significantly, there is, however, no reference to the petitioners/assessees. Revenue has not been able draw our attention to any part of the statement which refers to the petitioners/assessees - respondent in our view, cannot but accept that the documents evidencing approval, if any, granted for commencement of reassessment proceedings against the petitioners/assessees ought to have been furnished to the petitioners/assessees. Thus we are of the view that best option available to the AO would be to go back to the drawing board and if deemed necessary, reinitiate the proceedings against the petitioners/assessees, albeit, as per law. Accordingly, the impugned notices and order are set aside with liberty to the AO to recommence the proceedings, having regard to what is stated hereinabove
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