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"Reason for issue of notice u/s 148 in the case of M/s Hemera India Pvt. Ltd. for the A.Y. 2010-11 As per the ITD database, the assessee filed its Return of Income vide Ack. No. 171606301151010 dated 15.10.2010, at the Returned Income of Rs.10,41,096/-. The same was processed on 17.03.2011 u/s 143(1) of the Act. According to ITD database assessment u/s 143(3) has not been done in this case.
In this case, information has been received from the office of the Dy. Commissioner of Income Tax, Central Circle -7 (4) Mumbai. vide letter No. F.No.DCIT-CC-7(4)/Loha Ispat/2016-17 Dated 22.02.2017 mentioning therein that a "search operation was carried out in the case of M/s Loha Ispat Ltd) M/s Loha Ispat Ltd. had taken bogus purchase from various accommodation entry providers and the case generated thereof was brought back as investment in share capital of the assessee company providers/capital/premium Later for the F.Y.2012-13-as per the additional information received from the DCIT Circle-7(4), Mumbai M/s Loha Ispat Ltd. had accounted bogus purchase from M/s Utkantha Trading Pvt. Ltd. and other group of companies of Sh. Abhishek S.Morarka, M/s Loha Ispať Ltd. filed revised return and offered Rs.88.69 Page | 2 Hemera India Pvt. Ltd Crores to tax. During the A.Y.2013-14 the M/s Loha Ispat Ltd. was found to have made bogus purchase of Rs.2521.41 Crores and sales of Rs.2615.15 Crores. The assessee M/s Loha Ispat Ltd. has admitted bogus sales to companies like Aeroflex Industries India Pvt. Ltd. (Rs. 141.61 Crores). Forward Export Trading (Rs.403.29 Crores) and M/s Hemara India Pvt. Ltd.(Rs.98.60 Crores). These parties obtained bogus purchase invoice from M/s Loha Ispat Ltd. to reduce their taxable income to the extent of bogus purchases.