2022 (11) TMI 817 - AT - Income Tax
Reopening of assessment u/s 147 - bogus purchases - HELD THAT:- Even if the information be such that it could have been obtained by the I.T.O. during the previous assessment proceedings by conducting an investigation or an enquiry but was not in fact so obtained, it would not affect the jurisdiction of the Income Tax Officer to initiate reassessment proceedings, if the twin conditions prescribed under Section 147 of the Act are satisfied. As observed earlier not only there existed new information with the AO from the credible sources, but also he had applied his mind and recorded the conclusion that the purchases claimed were non-genuine and therefore bogus, (clearly meaning that what was disclosed was false and untruthful). The requirements of section 147 r.w.s. 148 have clearly been met; and the reopening is held justified and legal. Therefore, we dismiss the ground No.1 raised by the assessee.
Addition at the rate of 6% of bogus purchases - Since the issue is squarely covered by the decision of the Co-ordinate Bench in the case of Pankaj K. Chaudhary [2021 (10) TMI 653 - ITAT SURAT] and there is no change in facts and law and Revenue is unable to produce any material to controvert the aforesaid findings of the Co-ordinate Bench (supra). We find no reason to interfere in the above said order of Co-ordinate Bench, therefore we dismiss the appeals of the assessees and we allow the appeals of the Revenue partly.