2026 (4) TMI 1775

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....ed 14.10.2023 against the order of assessment passed u/s 271D of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 30.08.2022 by the Assessing Officer, JCIT, Range-4, New Delhi (hereinafter referred to as 'ld. AO'). 2. At the outset, we find that the appeal is filed belatedly by the assessee before us by 12 days. Considering the reasons adduced in the condonation petition, in the interest of substantial justice, we are inclined to condone the delay and admit the appeal of the assessee for adjudication. 3. Though the assessee has raised several grounds before us, the only effective issue to be decided in this appeal is as to whether the learned CIT(A) was justified in confirming the addition of Rs 91 lakhs under sec....

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....ports to save import duty, provision of domestic accommodation entries, arranging telegraphic transfers outside of India from India on account of bogus import invoices or facilitate to various persons to transfer their unaccounted money in foreign currency from India to abroad like Singapore, Dubai, London, etc. The Learned AO noted that Shri Avtar Singh Kochar had admitted the fact that he is a hawala operator and facilitates importers, exporters and other persons to transfer their funds from abroad to India, from India to abroad, abroad to abroad and India to India as explained by him during his statement recorded during the course of search as well as during the course of post-search investigation as per the provisions of Section 132(4) ....

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....ects Pvt. Ltd. having bearing on the determination of total income of the assessee and accordingly after recording satisfaction note under Section 153 C of the Act, proceedings stood initiated under Section 153 C of the Act on the assessee. In response to the said notice, the assessee filed return of income on 17-03-2023 declaring the same income of Rs. 74,45,820. Thereafter, statutory notices under Section 143(2) and 142(1) of the Act stood issued to the assessee. The Learned AO raised a specific questionnaire seeking details from the assessee with regard to telegraphic transfer made by Shri Avtar Singh Kochar worth Rs. 91 lakhs which got credited in the bank account of the assessee. The Learned AO noted that assessee did not give satisfac....

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....unds against the specific invoices. It is pertinent to note that the said export transaction was executed in financial year 2017-18 and duly credited to the assessee's audited profit and loss account as export turnover which was also offered to tax in assessment year 2018-19 by the assessee. The scrutiny assessment for assessment year 2018-19 was finalized under section 153A by the very same learned AO on the exact date of 28-03-2023 where the sales turnover was thoroughly verified via annexure 9 and duly accepted as genuine. Only the sale proceeds were realized during the year under consideration. Once the export sale has been accepted as genuine in the immediately preceding assessment year, the realization of the said export proceeds d....