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TMI Blog2022 (5) TMI 1658X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered as a valid reason to issue notice u/s 148 of the I.T. Act. There is no independent application of mind that could be deciphered from the reasons recorded. There is no reference to examination of the returns filed and whether the entries taken or on account of bogus capital, a balance sheet item or on account of bogus sales or purchases on account of revenue account. As per the record and the reasons recorded, no enquiries have been conducted by the Assessing Officer to come to a conclusion or reasons to belief with regard to evasion of tax which has escaped assessment. Placing reliance on the decisions of Meenakshi Overseas (P) Ltd. [ 2017 (5) TMI 1428 - DELHI HIGH COURT] , G G Pharma [ 2015 (10) TMI 754 - DELHI HIGH COURT] , Sabh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax, (Appeals) has grossly erred in confirming an addition of Rs.57,39,306/- for alleged bogus purchase made from M/s. Naman Exports without appreciating the fact that the purchased diamonds had been exported out of India and an independent government agency had verified the fact of exports. (5) That the Learned Commissioner of Income Tax, (Appeals) has grossly erred in summarily brushing aside the submission of the appellant and in confirming the addition of Rs.57,39,306/- ignoring even the remand report of the Assessing Officer wherein the Assessing Officer had stated that no adverse finding was recorded by him on inquiry during the remand proceedings on account of appellant s dealing with M/s for Uma Strips Ltd. (6) That the Le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax with Circle 27(1), New Delhi. The assessee company e-filed its Return of income on 28.09.2010 declaring total income of Rs. 3,74,820/-. The case was processed ids 143(1) of Income tax Act-1961. 2. Director of lnvestigation-11, Mumbai have unearthed huge accommodation entry racket being operated by accommodation entry operator Sh. Bhanwarilal Jain Group by way of many companies/ firm etc. The investigation wing has complied a report data of the beneficiaries of such entries. The name of the assessee figures in the list of beneficiaries who have taken accommodation entries of bogus purchases. I have gone through the report and data sent by the investigation wing. The report clearly indicates that accommodation entries have been taken to pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents of both the parties and perused the material available on record. 8. We find that, a. The first para deals with the factual information about filing of the return by the assessee and processing u/s 143(1) of the I.T. Act. b. The second para deals with report of the Director of Investigation-II and the data of beneficiaries of the accommodation entries. c. The third para deals with the examination of the Assessing Officer with regard to the report. d. The fourth para deals with the list of beneficiaries wherein in the name of the assessee has been mentioned. e. In the fifth para, the Assessing Officer holds that the assessee has ploughed back unaccounted money in its business through accommodation entries. The Assessing Officer also hel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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