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TMI Blog2023 (2) TMI 1360X X X X Extracts X X X X X X X X Extracts X X X X ..... actory way of approaching the matter. AO should have applied his mind to the reply filed by the petitioner and formed an opinion based on the material placed, as to whether income chargeable to tax had indeed escaped assessment. Therefore, for the moment, according to us, the best way forward would be to set aside the impugned order and the notice, both of which are dated 31.03.2022, with a direction to the AO to carry out a de novo exercise. It is ordered accordingly. As before commencing this exercise, the AO will furnish necessary information/material, which links, according to him, the petitioner to the entities referred to in the notice issued u/s 148A(b) of the Act. If such information/material is furnished to the petitioner, the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. The record shows, that the principal allegation against the petitioner is, that it has indulged in bogus sale and purchase transactions, to claim fraudulent Input Tax Credit (ITC). 6.1 The entities, which have been referred to by the respondent/revenue in the Section 148A(b) notice are the following: (i) M/s Mica Industries Ltd.; (ii) M/s Satellite Cable Pvt. Ltd.; (iii) M/s Sri Ram Industries; (iv) M/s Jatalia Global Venture Ltd.; and (v) M/s Manoj Cables Ltd. 7. It is alleged, that the petitioner has entered into a transaction worth Rs. 7,19,86,100/-. Apart from anything else, there is also an allegation made against the petitioner, on the very same lines, concerning the following entities: Jatalia Global Ventures Limited, Manoj Cables ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded to the petitioner. 12. Besides this, Ms Jain has also referred to pages 30 and 59 of the case file, where the details of the parties with whom the petitioner has entered into transactions is set forth. Both these documents are typed documents. 13. The document appended on page 30 of the case file provides the details of purchases made from the entities, while the document which is annexed on page 59 of the case file provides the details of the sales, made during the period spanning between 01.04.2017 and 31.03.2018. 14. A perusal of the order dated 31.03.2022 passed under Section 148A(d) of the Act would show, that while the Assessing Officer (AO) has noticed the fact that the petitioner has filed the reply, he has not dealt with the ob ..... X X X X Extracts X X X X X X X X Extracts X X X X
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