Allowing the petition the court held that during financial year it was found that no transactions had been carried out by assessee with alleged accommodation entry provider his name was inadvertently mentioned by Investigation Wing in report due to similarity in names. Accordingly the passed under section 148A(d) and consequential notice were set aside. (AY. 2016-17)
Tirupati Trading Corporation v. ACIT (2024) 296 Taxman 535 (Delhi)(HC)
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Cash credits-Bogus entry-No transaction is carried out-Order disposing objection and notice is quashed.[S.68, 148A(b), 148A(d), Art. 226]