9911796707
TMI Blog2022 (8) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... s originated from the order of Dy. Commissioner of Income Tax, Circle-I Amritsar (in brevity A.O) order passed u/s. 14 of the Act order dated 23.03.2014. 2. Tersely we advert the fact of the case. The assessment was initiated u/s. 148 of the Act as information received from the department of Commissioner of customs Preventive, New Delhi, for cheating of Govt., exchequer by misusing duty entitlement pass book scheme/draw back and focus product scheme. The assessment was completed after rejecting books of account, the ld. AO added back the net profit @ 2.7% on assessee turnover amount to Rs. 8,25,34,222/- which is calculated Rs. 22,69,690/-. Considering the principal of natural justice Rs. 3,00,000/- is allowed against the expenditure claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raw Back. The Revenue has re-opened and assessed from A.Y. 2006-07 to 2012-13. None of the order, the export sale was found or cheating export duty was made. In this respect, the ld. Counsel filed a synopsis and list is attached with this synopsis. Also reopening was made 2007-08 but the ld. AO drop the proceedings as there was no export sale vide order dated 16.03.2011 passed u/s. 143(3)/147 by the ld. Income-tax Officer, Ward 1(2), Amritsar. He also argued for Denovo as the matter was in ITAT No. 335/ASR/2016, the Bench has not found any export sale or any cheating the duty Draw Back and accordingly the order passed. 4.1. The ld. Counsel draw our attention in letter of the Dy. Commissioner which is self-explanatory, the copy of the lette ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow case notice) for defrauding the Govt. exchequer by showing highly invoiced prices per import and export sales for taking undue advantage of duty drawback and Focus product scheme which was totally against the spirit of Govt. laws formulated in this regard. The AO has rightly calculated the commission @ 2.75% on total turnover. As far as the cash sales are concerned, these transactions are part of nexus and AO has rightly calculated income on total turnover of Rs. 8,25,34,222/-. 6. We heard the rival submissions and relied on the documents available in the record. The assessment was done u/s. 144 and reasons was recorded and the basis of information from the department of customs. During the proceedings u/s. 148, the ld. AO did not verif ..... X X X X Extracts X X X X X X X X Extracts X X X X
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