9911796707
TMI Blog2020 (11) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... bank to the current account of the petitioner maintained with respondent No.3 bank. 2. The case of the petitioner is that it had earlier entered into a transaction with respondent No.4 which is a Trading Company in May 2019. Now, in the course of business it sought to invest in the project of M/s Paras Milk and Food Corporation having its Project at Jabalpur, Madhya Pradesh. The petitioner was required to make a payment of Rs.50 lakhs to the account of Paras Milk &Food Corporation. Hence the petitioner decided to transfer the said amount through Net Banking. The regular accountant of the petitioner was not available, the substitute carried out the said transaction but inadvertently by error and a bona fide mistake on 19.08.2020, transferr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17, 2017-18 and 2018- 19. Resultantly a demand has risen in favour of the Income-tax department. It has also been noticed that respondent No.4 is carrying on no business activity at his registered address while respondent No.4 had substantial turn over for the financial year 2011-12.His gross total income and operating expenses during this year was miniscule. Hence, it is pleaded that the amount of Rs.49,90,000/- allegedly inadvertently transferred by the petitioner in the account of respondent No.4 cannot be reversed as it appears to be an after-thought to hide illegal activities of being a beneficiary of accommodation entries. 6. It is also stated that during a survey carried out under Section 133A of the Income Tax Act, 1961 conducted o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts stated in the counter affidavit throw further doubt on the averment being made by the petitioner. 10. It is also clear that there are highly disputed questions of facts which have been raised by the petitioner. There is no merit in the present petition. 11. Given the fact that there are disputed questions of fact, liberty is granted to the petitioner to take steps, as per law, for recovery of the alleged claims before an appropriate forum/appropriate Civil Court. 12. Granting leave and liberty, as above, the present petition is disposed of. In case such a step is taken by the petitioner any observations made by this court shall not prejudice the contentions of the petitioner. 13. Petition is disposed of. All pending applications, if ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
