2025 (2) TMI 1836

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....d to as 'the Act') dated 23.05.2023 by the Assessing Officer, ACIT, Circle- 2(1)(1), Agra (hereinafter referred to as 'ld. AO'). 2. However, Ld. Departmental Representative (DR) pointed out that the present appeal is to be withdrawn as the tax effect involved in the case is below Rs. 60 Lacs. 3. The CBDT vide Circular No.09/2024 dated 17.09.2024 has revised the monetary limit for filing the appeals before the Tribunal to Rs. 60 Lacs and the said Circular would be applicable to all pending appeals. In such circumstances, the present appeal filed by the Revenue in case of low tax effect is not maintainable. 4. Before parting, we clarify here that the Revenue shall be at liberty to approach the Tribunal for re-institution of appeal, i....

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....ash Gupta and his proprietorship concern namely Shri Trading Company, had initiated the reassessment proceedings in the case of the assessee with an allegation that assessee had made purchases of Rs. 1,77,64,049/- from the said entity which was in the form of an accommodation entry. The assessee in compliance to the show cause notice u/s 148A(b) of the Act filed her response on merits and denied having received any accommodation entry from the entity belonging to Prakash Gupta. It was clarified that the assessee had purchased papers form Shri Trading Company during the year under consideration to the tune of Rs. 1,77,64,049/- against which payments were made by account payee cheques from the disclosed bank account of the assessee. The asses....

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....ld AO to treat the purchase made by the assessee from Shri Trading Company as ingenuine is that Shri Prakash Gupta had not filed his return of income for AY 2013-14 and summons issued by the Investigation Wing on the said party remained unserved. The efforts of the Income Tax Inspector posted with the Investigation Wing also could not fructify as concern M/s. Shri Trading Company or Prakash Gupta could not be found on the said address. During the reassessment proceedings, notice u/s 133(6) ofd the Act was issued to the ld AO to Prakash Gupta and no response was received from him. This goes to prove that the notice u/s 133(6) of the Act stood served on him but the party are chosen not to respond for which the assessee cannot be faulted. The ....