Parmukh Exports is a partnership firm engaged in trading cotton yarn and textile machinery spare parts. The Assessing Officer reopened the assessment citing information from the Insight Portal about huge sales and purchases which were alleged to be unexplained transactions and that the assessee failed to furnish its sales and purchase register despite having substantial sales and purchases. However, the assessee had already provided Audited Financial Statements, Form GSTR-1 details, ledger accounts, and other supporting documents, demonstrating that all transactions were duly recorded and reconciled with the information reported to the GST department. The Gujarat High Court held that reopening was based on non-application of mind of the AO and the mere ground of non-submission of the sales\/purchase register was unjustified when comprehensive records were already on file. The Revenue challenged this decision before the Supreme Court through a Special Leave Petition. The Court noted a delay of 233 days in filing the petition and dismissed the SLP on grounds of delay as well as lack of merit.(AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147 : Reassessment-Cash credits-Information from GST data-Non-furnishing of sales and purchase register-Assessee furnished GSTR-I and complete audited books-Reopening unjustified-Delay of 233 days-SLP of revenue was dismissed on account of delay as well as on merits. [S. 68,148, Art. 136]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59591","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fv9","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59591"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59591\/revisions"}],"predecessor-version":[{"id":59592,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59591\/revisions\/59592"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}