S. 68 : Cash credits – Failure to furnish source , identity of parties and genuineness of transaction -Shell companies – A racket of illegal business of providing accommodation entries -Accommodation entry provider -Credit appearing in the bank account -Books of account -, Data appearing in 2 CDs are extracted by the investigating wing from books of account- Statement on oath- Order of the Tribunal is reversed – Order of CIT(A) is affirmed – The Court also directed the Institute of Chartered Accountant of India to take disciplinary action , initiate proceedings under Prevention of Money Laundering Act, 2002 , launch prosecution under Income -tax Act ,and also directed the CCIT to conduct an enquiry and fix the responsibility against the officer responsible for the for not giving effect to the order of CIT( A) . Court also directed the Registry of the High Court is to forward copy of the order to Disciplinary Committee of the Institute of Chartered Accountants of India, National Financial Reporting Authority, The Commissioner of Police-Economic Offence Wing, Mumbai, Enforcement Director under PMLA Act, The Chief Commissioner of Income-tax, Mumbai Ministry of Corporate Affairs. [ S. 2(12A), 44AB,69, 131, 132(4) , 279, Chartered Accountant’s Act, 1949. Indian Penal Code/BNS, 2023. ]
PCIT v. Buniyad Chemicals Ltd. ( Bom)( HC) www.itatonline.org.