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2019 (10) TMI 725 - AT - Income TaxReopening of assessment u/s 148 - distinction between the acceptance of a return u/s 143(1) and an assessment which is framed u/s 143(3) - HELD THAT:- As decided in AVIRAT STAR HOMES VENTURE PRIVATE LIMITED [2018 (12) TMI 1397 - BOMBAY HIGH COURT] information supplied by the Investigation Wing to the Assessing Officer formed a prima facie basis to enable the Assessing Officer to form a belief of income chargeable to tax having escaped assessment. The Assessing Officer perused the information supplied by the Investigation Wing and having formed the belief that income chargeable to tax had escaped assessment, could not be stated to have acted mechanically. Further, the mere fact that the assessee had asked for certain information from the Assessing Officer, which at this stage was not supplied, would not invalidate the reasons recorded by the Assessing Officer in issuing the notice. The notice was valid AO has rightly issued notice u/s 148 for reopening the return of income processed u/s 143(1) of the Act. Therefore, the 1st ground of appeal is dismissed. Bogus purchases - CIT(A) confirming the order of the AO in disallowing the purchases made from two parties @ 12.5% of alleged bogus purchases - HELD THAT:- We direct the AO to restrict the additions limited to the extent of bringing the G.P. rate on disputed purchases at the same rate of other genuine purchases.
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