9911796707
TMI Blog2022 (12) TMI 927X X X X Extracts X X X X X X X X Extracts X X X X ..... ent, which reflected the payment made to these parties, invoices raised by these entities to the assessee, details of tax deducted on payment made to these parties, PAN No. and complete address. It is no doubt true that payment through the bank channel is not conclusive proof of the transaction. At the same time, when the assessee has provided all the information available with it regarding the transaction, merely on the basis that the entity has not responded to notice issued u/s 133 (6) the transaction cannot be doubted and be treated as non-genuine, particularly when the same has been entered into with entities which are well-known Hotel chains in India. It is also not the claim of the Revenue that these entities are not in existen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Appellant demonstrating the genuineness of the transactions with EIH Ltd and The Lalit Golf Spa Resort Goa. 5. That the AO/CIT(A) erred in law and on facts by holding that the Appellant has failed to discharge the onus of proving the genuineness of the marketing expenses incurred by the Appellant on account of non-confirmation from the parties in response to notice issued under Section 133(6) of the Income tax Act, 1961 ( the Act ). 6. That the AO erred in levying interest under section 234B of the Act. The CIT(A) erred in confirming the same. 7. That the AO erred in initiating penalty proceedings under section 271(1)(c) of the Act. 8. That the impugned order passed is otherwise bad and liable to be set aside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment made to the aforesaid 2 parties, the assessee filed the extract of Company s bank account statements evidencing the transactions. The assessee also provided the PAN No. of these entities. The Assessing Officer ( AO ) vide order dated 21/11/2017 passed under section 143(3) of the Act held that in absence of response to notices issued under section 133(6) of the Act, it is not ascertainable as to how the assessee could be able to come into contact with both these parties and could obtain the documents furnished by it. The AO further held that merely because the funds have moved through the bank channel and the entities concerned have arranged the paperwork, the transaction cannot be held to be genuine. Accordingly, the AO held that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich was debited to the profit and loss account. The said payment was made by the assessee to 17 entities in respect of various events conducted during the year. In order to determine the genuineness of the payment made by the assessee, the AO issued notices under section 133(6) of the Act. However, only 2 parties namely, M/s EIH Ltd and The Lalit Golf and Spa Resort failed to respond to the aforesaid notice. In order to substantiate the genuineness of the payment to these 2 entities, the assessee furnished the bank account statement, which reflected the payment made to these parties, invoices raised by these entities to the assessee, details of tax deducted on payment made to these parties, PAN No. and complete address. It is no doubt true ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
