Dismissing the petition the Court held that On the basis of search of APCO, it was found that assessee is engaged in raising fake invoices in executing circular transactions with APCO and on detailed consideration the AO considered that income chargeable to tax to the tune of Rs. 75 crores has escaped assessment. Order under section 148A(d) is passed after considering the detailed reply. (AY-2018-19)
Chetak Enterprises Ltd. v. ACIT (2023) 332 CTR 316/ 223 DTR 49(Raj)(HC)
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Search and seizure-Circular transactions-Artificially inflation of turnover-Order is passed after considering the detailed reply-Writ is dismissed.[S. 148, 148A, Art. 226]