9911796707
TMI Blog2023 (4) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... has been issued, and the reply is stated to be on the record, the AO will take the same into account, before he proceeds further in the matter. As noticed above, further reply was filed. In case the said reply is not on the record, the AO will give leave to the petitioner to have the aforesaid reply placed on record. The AO will take the said reply into account as well. Since the period for completing the assessment, we are told, is coming to an end on 31.03.2023, eight weeks are granted to the AO, to take a decision in the matter, commencing from the date of receipt of the copy of the judgement. Petitioner unreservedly, says that objections with regard to limitation having been passed, will not be put against the respondents/reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner with RCI Industries and Technologies Limited [in short RCI ], by way of increase in share capital and generation of purchase bills; both of which were bogus. 5. A perusal of the Annexure appended to the notice issued under Section 148A(b), inter alia, shows that the allegation made against the petitioner is principally contained in paragraphs 2, 3 and 4 of the annexure appended to the show-cause notice dated 15.03.2023. For the sake of convenience, the same is extracted hereafter:- 2. In this case information was received through insight portal from the office of Investigation Wing, Delhi wherein it has been stated that information has been received from CBIC in the case of M/s RCI and Technologies Limited which was involved in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er: 3. Further, it is noted that assessee company has filed its return of Income for A.Y. 2018-19 declaring income at Rs. 1,08,192/-. ITR filed by the assessee for AY 2017- 18 and 2018-19 were analyzed. It was observed that assessee has shown income of Rs 120/- and Cash Cash equivalent at Rs. 1,11,150/- in previous year which does not support huge purchases of Rs. 51,54,97,554/- in the year under consideration. Further, it is observed that there is huge increase of Rs. 24,95,00,000/- in Authorised Share Capital of the company over the year. This implies that assessee has raised fund through bogus share capital and subsequently made bogus purchases, which further strengthen the information received that assessee has undergone transact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns with RCI. It has also been pointed out by Mr Garg, that a perusal of the consequential notice dated 26.03.2022 issued under Section 148 of the Act, and the order dated 26.03.2022 passed under Section 148A(d), along with the notice dated 15.03.2022 issued under Section 148A(b) of the Act would show, that the approval was taken even before order under Section 148A(d) of the Act was passed. 8.1 In support of this plea, Mr Garg has drawn our attention to the reference number, which appears to be common to the two notices and the order. 9. Mr Agarwal, on the other hand, defends this position, by drawing our attention to the fact that the approval was taken on 24.03.2022, prior to the issuance of the order dated 26.03.2022 under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 148A(d) of the Act does not seem to have etched out clearly, as to what is the connection in increase in share capital, and the transaction that the petitioner allegedly has entered into with RCI. 16. Since a show-cause notice has been issued, and the reply dated 06.03.2023 is stated to be on the record, the AO will take the same into account, before he proceeds further in the matter. 17. As noticed above, Mr Garg says, that a further reply was filed on 17.03.2023. In case the said reply is not on the record, the AO will give leave to the petitioner to have the aforesaid reply placed on record. The AO will take the said reply into account as well. 18. Furthermore, since the period for completing the assessment, we are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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