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2018 (4) TMI 384 - AT - Income TaxInitiating the reassessment proceedings u/s.147 - default to take steps under section 143(3) - Estimating the Gross Profit on alleged bogus purchases @25% - Held that:- As decided in ACIT Vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. [2007 (5) TMI 197 - SUPREME Court] so long as the ingredients of section 147 are fulfilled, the Assessing Officer is free to initiate proceeding under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) - Decided in favour of revenue. We find the Coordinate Bench of the Tribunal in the case of Mr. Khan Afzalhussain Mohd. Saie (2018 (4) TMI 314 - ITAT PUNE) has restricted the addition to 10% of such alleged bogus purchases. Considering the same, we direct the Assessing Officer to make addition in the hands of assessee by adopting GP rate at 10% of bogus purchases declared by the assessee
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