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TMI Blog2024 (2) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... lish that either the purchases made by the petitioner from third party during the financial year 2015-16 valued were paid through banking channel or that no purchases were made by the petitioner from such seller. What may have been the total quantum of purchases made by the petitioner from third party and what part of it may have been accounted against the payment made through banking channel may remain to be verified at the stage of reassessment. For the purposes of assumption of jurisdiction, all that is required to be seen is, if the satisfaction is bonafide. To that end, there is no dispute that the authority had conducted a survey against third party. In that information was revealed that cash purchases made by the petitioner wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es from the above described seller at the value exceeding Rs. 20,000/-, totalling to Rs. 2,68,88,124/-. That expenditure was proposed to be disallowed under Section 40A(3) of the Act, 1961. The petitioner denied the allegation and relied on audited balance sheet, tax audit report, income tax return, purchases ledger account, ledger account of M/s Bait-Al-Tamurat and bank statement. At the stage of rejecting that reply, by means of order passed under Section 148A(d) of the Act, 1961, a new ground of purchases having been made outside the books of accounts, has been raised. 6. Thus, it has been submitted, there is no cogent material to proceed against the petitioner. The allegation of purchases made outside the books of accounts before pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at. In that information was revealed that cash purchases made by the petitioner were valued at Rs. 2,68,88,124/-. In absence of any objection as to existence of such information and there being no material available to reach further satisfaction that such payments were made through banking channel, all other pleas being raised by learned counsel for the petitioner may remain to be examined, on merits, in the face of reassessment proceedings that are still pending. 11. Leaving it open to the petitioner to raise such objections and making it obligatory on the revenue authorities to deal with them, on merits, by affording opportunity of hearing without being prejudiced by any observation made in this order, the writ petition stands dismiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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