2023 (1) TMI 483

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....inst the order dated 26.07.2022 passed under Section 148A(d), and the notice of even date i.e., notice dated 26.07.2022 issued under Section 148, as also the notice dated 24.05.2022 issued under Section 148A(b) of the Income Tax Act, 1961 [in short "Act"] concerning Assessment Year (AY) 2013-2014. 3. The record shows, that on 18.11.2022, a coordinate bench of this Court had made the following observations: "In the impugned order passed under Section 148A(d) of the Income Tax Act, 1961, the Assessing Officer has held, "Further analysis of Bank statement of Sh. Prem Rattan has revealed that M/s Arti Steels, Prop. Vijay Kumar Gupta is one of the beneficiary in the transaction with Sh. Prem Rattan." It seems that the Assessing Officer has re....

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....e is not acceptable as in the report of the Investigation Wing, it is clearly mentioned that the assessee is a beneficiary from the transaction undertaken with Sh. Prem Rattan, Prop. Shree Shyam Industries. Beside, perusal of the Profit & Loss account in the ITR filed by the assessee for the year under consideration has revealed that he had declared Gross Receipt of Rs. 9009463/- and his purchases as Rs. 8643244/- whereas the credit reflected in his A/c No.1398002100044705 of M/s Aarti Steels maintained with PNB, Shastri Nagar Branch, Delhi during the year under consideration was Rs. 13993239/- and the debit amount was Rs.14037987/- respectively. Therefore, in can be inferred that all the credit reflected in the account has not been account....