2023 (7) TMI 1514

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.... PER R.S. SYAL, VP: This appeal by the assessee is directed against the order dated 27-02-2018 passed by the ld. Pr.CIT, Nagpur-1 u/s. 263 of the Income-tax Act, 1961 (hereinafter also called 'The Act') in relation to the assessment year 2011-12. 2. Briefly stated, the facts of the case are that action u/s. 147 was taken on the ground that the assessee obtained Hawala purchase bills from 5 part....

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....6,939/- 4. Shreyanjali Multi Trade Pvt. Ltd. 39,76,939/- 5. Classic Enterprises 39,76,939/- Total 2,08,20,445/- 4. During the course of assessment proceedings, the AO issued notice on 06-10-2016, inquiring, inter alia, about these transactions and also requiring the assessee to furnish necessary evidences in support of the genuineness of purchases. The assessee gave its reply which was rece....

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....vouchers of purchases and sales. The same were produced by the assessee and duly verified on test check basis. In next para, namely, para 4, the AO, further recorded that the assessee "furnished purchase register along with purchase bills and transportation details", which were verified by him and found to be correct. As against this, the ld. Pr. CIT revised the order on the ground that: `The orde....