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2023 (3) TMI 862 - HC - Income TaxReopening of assessment u/s 147 - accommodation entry receipts - VAT returns filled by assessee to substantiate payments - HELD THAT:- As during the investigation it has been found that M/s Seema Enterprises is not involved in any real business and hence the contention of petitioner that it made payments in the course of business was not accepted. AO has specifically recorded that the proprietor Smt. Seema Gupta has accepted that her firm was not engaged in real business activities. This Court is of the view that merely filing of VAT returns cannot be held to establish genuineness of transaction especially when it was not shown that the VAT Department had made any physical or spot enquiry. Moreover, neither M/s Seema Enterprises nor the Petitioner had produced before the AO the transport details, purchase contract or bills with regard to the alleged purchases. Prima facie this Court is also of the view that income has escaped assessment. Decided against assessee.
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