2025 (4) TMI 1773

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....Shri A. S. Rana, Sr. DR. ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No. 23/DDN/2024 for AY 2015-16, arises out of the order of the Commissioner of Income Tax (Appeals)-3, Noida [hereinafter referred to as 'ld. CIT(A)', in short] dated 05.01.2024 against the order of assessment passed u/s 147 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 22.03.2022....

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....ry provider. It was noticed that Shri Deepak Jain through his 5 entities had provided certain accommodation entries to the assessee company thereby making the assessee company as beneficiary for obtaining bogus purchase bills. Accordingly, the case of the assessee was reopened for the issuance u/s 148 of the Act on 30.03.2021. The assessee participated in the reassessment proceedings and sought fo....

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....e the veracity of the purchases. The assessee also clarified before the ld. AO that no purchases were made during the year under consideration from the said party and that the purchases were made in earlier years and payments for the same were made during the year. As such it was submitted that there was no debit to the profit and loss account with regard to purchase made from Surya Diamond Pvt. L....

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.... was made during the year, there was no debit to the profit and loss account to that effect. Hence, it could be safely concluded that the entire reasons recorded were based on incorrect assumption of fact and hence, the ld. AO could not have had formed a reasonable belief that income of the assessee had escaped for the year under consideration by way of obtaining bogus purchase bills. Since, the r....