2024 (11) TMI 1106

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....2 issued under Section 148 of the Act. 2. The Assessing Officer had issued a notice dated 20.05.2022 under Section 148(A)(b) of the Act for Assessment Year (AY) 2015-16, inter alia, stating that information was received through insight portal from the Investigation Wing to the effect that the petitioner was a beneficiary of accommodation entries provided by one Sh. Joginder Pal Gupta (DAG Group). The relevant extract of the said notice is set out below: "GIST OF INFORMATION: In this case information was received through Insight portal dated: 25.03.2021 from the office of Investigation Wing, Delhi, wherein it has been stated that during search and seizure operation conducted on Sh Joginder Pal Gupta on 23.12.2019 in the ....

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....ciary 2 AAACN3607P Nicky Marmo Ltd. 2014-15 Fictitious Loan 5000000   Beneficiary 3 AAACB2764K Bell Indus Fibrecom Pvt Ltd. 2014-15 Fictitious Loan 3000000   Beneficiary 4 AAECB6648Q Bij Buildcon Pvt Ltd 2014-15 Fictitious Loan 3000000   Beneficiary 5 AAACE0766E RSKM Traders Pvt Ltd 2014-15 Fictitious Loan 2500000   Beneficiary 6 AAFCA3263M Anupam Buildmart Pvt Ltd 2014-15 Fictitious Loan 2800000   Beneficiary  7 AADCA4442Q Olwin Garments Pvt Ltd  2014-15 Fictitious Loan  5000000   Beneficiary 4. The petitioner responded to the said notice raising seve....

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....Gupta as a similar issue was raised in the said appeal as well. It was contended on behalf of the petitioner that the provisions of Section 153C of the Act override the provisions of Section 147/148 of the Act and thus, any information obtained by the AO, which is based on the material found during the search conducted under Section 132 of the Act or requisition made under Section 132A of the Act, could only form the basis of assessment under Section 153C of the Act and not under Section 147/148 of the Act. 8. It is not disputed that in the present case, the AO was not handed over any books of accounts or material by the AO of the searched person (Sh. Joginder Pal Gupta of DAG Group). Thus, the necessary threshold condition for the AO of....