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2018 (10) TMI 1936 - AT - Income TaxReopening of assessment u/s 147 - Estimation of income - Bogus purchases - HELD THAT:- We find that tangible and cogent incriminating material were received by the AO which clearly showed that the assessee was beneficiary of bogus purchase entries from bogus entry providers which formed the reason to believe by the AO that income has escaped assessment. The information so received by the AO has live link with reason to believe that income has escaped assessment. On these incriminating tangible material information, assessment was reopened. At this stage there has to be prima facie belief based on some tangible and material information about escapement of income and the same is not required to be proved to the guilt. See Rajesh Jhaveri Stock Brokers P. Ltd [2007 (5) TMI 197 - SUPREME COURT] Addition of the bogus purchases - CIT(A) sustaining 12.5% disallowance - It will not be appropriate to consider and take away the relief already granted by the Assessing Officer and ld. Commissioner of Income Tax (Appeals) to the assessee. Hence, we confirm the order of ld. CIT(A).
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