Notice U/S 148A(b) Flagging Bogus Transactions Cannot Be Faulted For Merely Mentioning Sale Entry As That Of Purchase: Gauhati HC

The Gauhati High Court ruled that if a notice under Section 148AB of the Income Tax Act flags bogus transactions but the assessee does not contest the mention of purchase entries as sales, the notice cannot be faulted. The case involved a taxpayer who failed to challenge the Revenue’s claim that certain transactions were bogus. The Court emphasized that once the taxpayer fails to dispute the alleged transactions, the notice is valid. This ruling highlights the importance of taxpayers actively disputing any incorrect claims made by tax authorities to avoid legal implications.