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2023 (8) TMI 966 - BOMBAY HIGH COURTReopening of assessment u/s 147 - genuineness of transactions of purchase of gold bars - transactions with person who is engaged in providing accommodative entries - HELD THAT:- Petitioner stated that Petitioner had purchased gold bar from S.K. Jewels and made payment for the same via account payee cheque. Copies of the purchase ledger/stock register for gold bars, ledger copy of S K Jewels, ledger confirmation, purchase bills and extract of bank statements with highlighted payments were also provided. It is also mentioned in the reply that Petitioner has accounted the bill into its books of accounts for which GST tax invoice has been submitted and the bill has been uploaded on GST portal which can be verified and Petitioner has taken credit for the same. Despite this the impugned order dated 19th April 2023 u/s 148A(d) of the Act came to be passed which defies sensibility. We are unable to fathom how just because Petitioner has accepted that it had transactions with S. K. Jewels, there could be no dispute that the amount paid to S.K. Jewels would be for taking accommodation entries. There is nothing to say why Petitioner’s explanation cannot be accepted. We are also surprised that to issue such an order the PCIT even gave sanction which also reflects total non-application of mind by the PCIT. It gives an impression that PCIT has simply signed even without bothering to read and understand what the matter is about. We hereby quash and set aside the order passed under Section 148A(d) - matter restored back with directions.
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