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TMI Blog2025 (1) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 29.03.2022 passed u/s 147 r.w.s 144B of the Act pertaining to assessment year 2014-15. 2. The assessee has raised following grounds of appeal:- 1. "That under the facts and circumstances of the case, Ld. PCIT, Faridabad has erred in law as much as in fact in invoking powers u/s 263 of the Income Tax Act, 1961 ("the Act") and in passing impugned order dated 21-03-2024 generated though DIN & Order No: ITBA/REV/F/REV5/2023-24/1063081170(1) in respect of AY 2014-15. 2. That under the facts and circumstances of the case, Ld. PCIT has failed to appreciate that neither the assessment order passed u/s 147 r.w.s 144B of the Act dated 29-03-2022 generated through DIN: ITBA/AST/S/147/2021-22/1041878682(1) was erroneous nor the same was prej ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee's denial is incorrect or false. 5. That under the facts and circumstances of the case, Ld. PCIT has failed to understand that the AO is legally wrong in observing that the assessee cannot question the authenticity of the notice issued by the department and the copy of approval accorded by the competent authority u/s 151 of the Act which according to AO is an internal document of the department. 6. That under the facts and circumstances of the case, Ld. PCIT has failed to appreciate that before him also the assessee has stated that the assessee has not done any transaction with Sh. Himanshu Verma, M/s Broanze Star Techsoft Pvt. Ltd. and M/s Royal Merage Financial Consultants Pvt. Ltd and also required to supply such details av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld. Pr. CIT, Faridabad. 3. When the matter was called for hearing, the Ld. Counsel for the assessee at the outset submitted that the re-assessment order in the instant case was framed under s. 147 r.w.s. 144B of the Act vide order dated 23.09.2022 based on reasons recorded as under:- "The reasons for reopening of your assessment for the AY 2014-15 has already been conveyed to you in the notice u/s 143(2) dated 17.02.2022 which is reproduced as under:- "Bogus expenses to the tune of Rs. 5,00,000/- from bogus concern of Shri Himashu Verma (the assessee company has obtained bogus accommodation entries amounting to Rs. 14,00,000/- from bogus concern of Sh. Himashu Verma during the financial year 2013-14)." You are required to file you ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not make the additions and such rightful action could not be disturbed under s. 263 of the Act. 4. The Ld. Counsel for the assessee pointed out that for the first time in 263 proceedings, the name of M/s. Broanze Star Techsoft Pvt.Ltd. and M/s. Royal Merage Financial Consultants Pvt.Ltd. have appeared where it is alleged that the assessee has obtained INR 7,00,000/- each by way of accommodation entries. The Ld. Counsel for the assessee pointed out that no such amount has been received either from any of these two companies or from Shri Himanshu Verma. The Ld. Pr. CIT himself ought to have been examined these facts from the records of the assessee at the time of 263 proceedings. No inquiry has been made by Ld. Pr. CIT while making such ser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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