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2017 (4) TMI 1563 - AT - Income TaxReopening of assessment u/s 147 OR assessment u/s 153C - addition on account of alleged purchases of bogus material and payment of commission - search in the case of Shri Vaibhav Jain and Navneet Jain were made u/s.132 of the Act who have been indulging in profiting accommodation entries through their thirty seven paper entries and charging commission from the beneficiary on the accommodation entries provided - HELD THAT:- DR in fact could not bring the reasons otherwise and therefore, in the circumstances and facts of the case, the assessment proceedings in the case of Vaibhav Jain and Navneet Jain have been initiated u/s.153C of the Act, and therefore, if in view of the department the information so received is considered as a material, the assessment in the present case should have been made u/s.153C and accordingly proceeded u/s.153A to 153C which should have been initiated in the present case but the proceedings u/s.147/148 of the Act has been initiated which itself is bad in law and the reliance is placed in the case of Rajat Subhra Chaterjee [2016 (7) TMI 258 - ITAT DELHI] In the circumstances and facts of the case, the proceedings initiated u/s.148 of the Act are ab initio and are directed to be quashed - Decided in favour of assessee.
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