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2020 (2) TMI 777 - AT - Income TaxReopening of assessment u/s 147 - bogus purchases - CIT(A) restricting the addition @ 2% of alleged bogus purchase - HELD THAT:- As relying on N.K. Industries Ltd. v. DCIT [ 2016 (6) TMI 1139 - GUJARAT HIGH COURT] we set aside the order of the Ld. CIT(A) and direct the AO to restrict the additions in respect of purchases from Emkey Engineers and S.B.Industries, limited to the extent of bringing the G.P. rate on disputed purchases at the same rate of other genuine purchases. We direct the assessee to file the relevant documents/evidence before the AO. Needless to say, the AO would give reasonable opportunity of being heard to the assessee before finalizing the order. - Decided i favour of revenue partly for statistical purposes. Reopening of assessment u/s 147 - distinction between the acceptance of a return u/s 143(1) and an assessment which is framed u/s 143(3) - HELD THAT:- AO has rightly issued notice u/s 148 for reopening the return of income processed u/s 143(1) of the Act. Accordingly, the cross objection filed by the assessee dismissed
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