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TMI Blog2024 (11) TMI 1106X X X X Extracts X X X X X X X X Extracts X X X X ..... The Assessing Officer had issued a notice dated 20.05.2022 under Section 148(A)(b) of the Act for Assessment Year (AY) 2015-16, inter alia, stating that information was received through insight portal from the Investigation Wing to the effect that the petitioner was a beneficiary of accommodation entries provided by one Sh. Joginder Pal Gupta (DAG Group). The relevant extract of the said notice is set out below: "GIST OF INFORMATION: In this case information was received through Insight portal dated: 25.03.2021 from the office of Investigation Wing, Delhi, wherein it has been stated that during search and seizure operation conducted on Sh Joginder Pal Gupta on 23.12.2019 in the case of DAG group of Sh Joginder Pal Gupta. During the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ell Indus Fibrecom Pvt Ltd. 2014-15 Fictitious Loan 3000000 Beneficiary 4 AAECB6648Q Bij Buildcon Pvt Ltd 2014-15 Fictitious Loan 3000000 Beneficiary 5 AAACE0766E RSKM Traders Pvt Ltd 2014-15 Fictitious Loan 2500000 Beneficiary 6 AAFCA3263M Anupam Buildmart Pvt Ltd 2014-15 Fictitious Loan 2800000 Beneficiary 7 AADCA4442Q Olwin Garments Pvt Ltd 2014-15 Fictitious Loan 5000000 Beneficiary 4. The petitioner responded to the said notice raising several objections including that the information reflecting an amount of Rs. 90,00,000/- as fictitious loan transaction with M/s Anupam Buildmart Pvt. Ltd. was incorrect as no loan was taken from the said entity. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us, any information obtained by the AO, which is based on the material found during the search conducted under Section 132 of the Act or requisition made under Section 132A of the Act, could only form the basis of assessment under Section 153C of the Act and not under Section 147/148 of the Act. 8. It is not disputed that in the present case, the AO was not handed over any books of accounts or material by the AO of the searched person (Sh. Joginder Pal Gupta of DAG Group). Thus, the necessary threshold condition for the AO of the Assessee, initiating the proceedings under Section 153C of the Act was not satisfied. Thus, in any event the AO was not precluded from initiating proceedings under Section 148A of the Act on the basis of the infor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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