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2018 (9) TMI 2035 - AT - Income TaxReopening of assessment u/s 147 - assessment was reopened which is based on new facts and information came to the knowledge of the Assessing Officer on the basis of the report of DIT(Inv.) as well as statement recorded by the Investigation Wing of one Shri Vijay -bogus share application money/ bogus unsecured loan/ bogus sale and purchase - HELD THAT:- In the case in hand, AO has duly examined the purchases made by the assessee and also observed that some of the purchases are not verifiable and accordingly made the addition being trading addition while passing the order U/s 143(3) of the Act - reopening after four years is not permitted just to review the earlier order passed by the Assessing Officer U/s 143(3) of the Act based on the information received from the Investigation Wing on the same issue, which was subject matter of enquiry and investigation by the Assessing Officer while passing the order U/s 143(3) of the Act. Even otherwise the reasons recorded by the Assessing Officer are very vague which suggests that the Assessing Officer has not applied his mind and just recorded the reasons as borrowed from the report of the Investigation Wing without specifying the nature of transaction whereas the assessee had only one transaction of purchase from the said party namely M/s Kothari Impex - we hold that the reopening is not valid and the same is liable to be quashed. Accordingly, the Assessing Officer has framed reassessment without jurisdiction and therefore, the reassessment order is not valid and the same is set aside. - Decided in favour of assessee.
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