2021 (7) TMI 1223

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....f the Income Tax Act, 1961 (hereinafter referred to as Act) dated 31/08/2016 by the Ld. Asst. Commissioner of Income Tax-30(1), Mumbai (hereinafter referred to as Ld. AO). 2. At the outset, the notice sent by the Registry to the address mentioned by the assessee in Form No. 36 was returned unserved with the remark "left" by the postal authorities. The assessee had not intimated its revised address to this Tribunal. These appeals have been listed for hearing on 26/04/2021, 03/06/2021 and 15/07/2021. On all these dates, no presence was made on behalf of the assessee. Since, the notice of hearing had been returned unserved by the postal authorities with the remark "left" and no efforts have been taken by the assessee to furnish the fresh ad....

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....e of the beneficiaries operated and controlled by Shri Sanjay Choudhary group. Based on the information gathered from DGIT (Investigation) Mumbai that Sanjay Choudhary group persons had floated various companies which are engaged in the business of providing accommodation entries in the form of bogus unsecured loans, bogus purchases, bogus capital gains and since assessee also was one of the beneficiaries by obtaining bogus purchases to the tune of Rs. 5,16,21,489/-, the assessment was validly reopened in the case of the assessee. Admittedly this information was obtained by the Ld. AO based on search and seizure action carried out in the case of Shri Sanjay Choudhary group wherein it was found that the said group was engaged in providing ac....

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....nbsp;  Rs. 5,16,21,489/- 5.2. During the course of assessment proceedings, assessee was asked to prove the genuineness of the purchases made from aforesaid parties. The assessee merely replied that purchases made from aforesaid parties have been duly accounted for its books of accounts and the payments for the same have been made by account payee cheques. The Ld. AO issued summons u/s. 131 of the Act on 29/02/2016 to all the parties which remained unresponded by the parties. However, the parties had sent the ledger extracts, bank statement, copy of confirmation etc., which they had already stated as bogus while giving statements u/s. 132(4) of the Act during the course of search proceedings in the case of Shri Sanjay Choudhary gr....