TMI Blog2023 (9) TMI 1165X X X X Extracts X X X X X X X X Extracts X X X X ..... saction with bogus bills of Madan Lal Pahuja, who had been acquitted in the criminal trial. Today, as appellant informed that no steps were taken with respect to business transaction with bogus bills against Madan Lal Pahuja. In the present case, initiation of reassessment proceedings on the basis of the statement given by Madan Lal Pahuja and without giving assessee any opportunity of cross-examination were good grounds to allow the appeal of the assessee and does not require any interference as no substantial question of law arises for consideration in the present appeal. Hence, the instant appeal is dismissed. - HON'BLE MS. JUSTICE RITU BAHRI AND HON'BLE MRS. JUSTICE MANISHA BATRA Present: For the Appellant : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Shiv BholeKirpa Traders Rs. 1.05 Cr., Lovy Steel and Allied Industries Rs. 0.17 Cr and Jatinder Kumar, Proprietor Shree Nath Ispat Udhyog Rs. 2.06 Cr. were bogus and as such there was escapement of income to the tune of Rs. 4.26 Crores. 3. Reassessment proceedings were initiated under Sections 147/148 of the Income Tax Act, 1961. The respondent-assessee had made bogus purchases of Rs. 4.26 crores by inflating the expenses and thereby suppressed the profits by Rs. 4.26 crores for the AY 2010-2011. 4. The bogus purchases were reflected by the statements of Sh. Madan Lal Pahuja and Jatinder Kumar before the Investigating Wing, Ludhiana. The respondent-assessee filed objections to the notice under Section 148 of the Act, 1961. The Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks of account of the assessee and the appeal was allowed by the Tribunal on the following grounds:- i. The same very information was available in the assessment record of the assessee company for the assessment year 2010-11 which was subject matter of scrutiny assessment and on the basis of this information, the assessment was completed and the additions were made. The same very information was admitted to be correct by the Assessing Officer. Hence, the Assessing Officer could not be permitted to change his opinion based on the same information in view of the decision of the Hon ble Supreme Court in Commissioner of Income Tax, Delhi vs. Kelvinator of India Limited [2010] 187 Taxman 312. ii. The Assessing Officer at one point was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017 passed under Section 143(3) read with Section 147 of the Act, then the said purchases (sale of Sh. Madan Lal Pahuja) could not be disputed by the Assessing Officer of the assessee. The Lower Authorities had not disputed that the purchases were made by the assessee from the same parties in subsequent assessment years i.e. 2011-12 2012-13 and the assessment orders were provided to the Lower Authorities. The assessment order was passed in the case of Sh. Madan Lal Pahuja by applying the GP Rate of 1.2% on total turnover of Rs. 12.43 Crores. The sales were accepted by the department which were duly reflected in the VAT forms. Merely on account of the fact that vehicle numbers mentioned on some of the invoices were not matching could not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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