2023 (10) TMI 139

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....23 & CM No. 50468/2023[Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Sunil Agarwal, learned senior standing counsel, accepts notice on behalf of the respondents/revenue. 3. In view of the directions that we intend to pass, Mr Agarwal says that he does not wish to file a counter-affidavit in the matter and he will argue the matter, based on the record presently available with the court. 3.1 Therefore, with the consent of the learned counsel for the parties, the writ petition is taken up for hearing and final disposal at this stage itself. 4. This writ petition concerns Assessment Year (AY) 2019-20. 5. The record shows that the allegations levelled against the petitioners/asses....

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....t proceedings against the petitioners/assessees, the proceeding is flawed as the approval granted, if any, to the AO regarding commencement of the reassessment proceedings has not been submitted to the petitioners/assessees up until now. 11.1 Furthermore, in support of his plea that there was no material available, Mr Goel has drawn our attention to the statement dated 07.11.2019 made by Mr Ankit Jain under oath, which is relied upon by the AO. 11.2 Based on the statement, Mr Goel argues that there is no reference whatsoever to the petitioners/assessees. 12. Furthermore, Mr Goel also draws our attention to the reply dated 05.04.2023, submitted on behalf of the petitioners/assessees, which inter alia alludes to the fact that Mr Anki....

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....,29,423/- has been found in my cash in hand. The reason for this difference is the out of book cash sale. That means there is no entry recorded in my books from these sales. Since in our business, it is called selling without invoicing." 16. Notably, at this juncture, this was the only part of the statement that Mr Agrawal could rely upon in support of his stance that there was material available to establish under-invoicing being carried on. 16.1 At the highest, what can be stated in favour of the respondents/revenue is that Mr Ankit Jain has accepted the fact that cash transactions amounting to Rs. 16,29,423/- were made outside the books of account. Significantly, there is, however, no reference to the petitioners/assessees. 17. ....