TaxTMI 
TaxTMI 
2023 (8) TMI 966
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....Petitioner received a show cause notice dated 28th March 2023 under Section 148A(b) of the Income Tax Act, 1961 ("the Act"). In the notice it is stated that the case of Petitioner was flagged under the Risk Management Strategy Formulated by CBDT. Information has been uploaded by DDIT/ADIT (Inv.), 2(1), Mumbai. Paragraph 2, 3 and 4 of the notice read as under:- "2. As per the information available there were transaction for the amount of Rs. 1,10,58,12,400/- between Sangam Jewels and Gold (PAN:ACKFS5630C) and S.K. Jewels (PAN: ADJFS0448Q) and the same is suspicious in nature as the same was found by the DDIT(Inv.) Bhavnagar. The same is as under: Sr. No. Information FY Information Source Type Information Source Description Informatio....
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....the reply that Petitioner has accounted the bill into its books of accounts for which GST tax invoice has been submitted and the bill has been uploaded on GST portal which can be verified and Petitioner has taken credit for the same. Despite this the impugned order dated 19th April 2023 under Section 148A(d) of the Act came to be passed which defies sensibility. In paragraph 6.1 of the impugned order, which is the only place where Petitioner's submissions have been dealt with, reads as under:- "6.1 The assessee itself has accepted that it entered the transactions with the party. As per the information available, uploaded by the Investigation Wing that the assessee has made suspicious transactions such sales & purchases. Since, the assesse....