2023 (1) TMI 417

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....Mr Salil Kapoor, Ms Ananya Kapoor & Mr Tarun Chanana, Advs. Respondent: Mr Zoheb Hossain, Sr. Standing Counsel with Mr Vipul Agrawal & Mr Parth Semwal, Advs. ORDER TARA VITASTA GANJU, J. (ORAL): CM APPL. 52749/2022 (for exemption) 1. Allowed, subject to just exceptions. W.P (C) 16718/2022 & CM APPL. 52748/22 (Application filed on behalf of the petitioner seeking interim relief) ....

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....ws that Shri Rohit Bharat Nilakhe and his concerns do not have business activity as during verification proceedings it was not able to produce the bills & vouchers to establish the genuineness of his business activity. It has been established that Shri Rohit Bharat Nilakhe alongwith others is engaged in providing accommodation entries transactions of various nature. Further, it is seen that there ....

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....A(d) of the Act and issued a consequential notice of the even date i.e., 23.07.2022 under Section 148 of the Act. 6. A perusal of the order dated 23.07.2022 passed under Section 148A(d) of the Act, shows that the Respondent/Revenue have completely ignored the response of the Petitioner and have instead simply stated that the evidences had not been filed. 6.1 The relevant part of the aforesai....

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....tioned information suggests that the transaction amounting to 9,40,58,944/- in the A.Y. 2014-15 which is more than threshold amount of Rs. 50 lacs has escaped assessment. As the income represented in the form of "asset" (deposit in bank account) as per Section 149(1)(b) of the Income Tax, 1961. 9. In light of the above facts and on the basis of material available on records, it is decided....