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2021 (1) TMI 1295 - AT - Income TaxReopening of assessment u/s 147 - bogus purchases - AO had disallowed 12.5% of the alleged non-genuine purchases which has been sustained by Commissioner (Appeals) - HELD THAT:- The fact that the assessee failed to prove the genuineness of purchases before the Departmental Authorities is very much evident. Even, before the Tribunal the assessee had not filed any evidence to prove that purchases, indeed, were made from the declared source. In such circumstances the disallowance made by the Assessing Officer @ 12.5% of the non genuine purchases is reasonable considering the view expressed by the Tribunal in similar nature of cases. Therefore, we not inclined to interfere with the decision of learned Commissioner (Appeals) on the issue. Validity of issuance of notice u/s 148 - As it is very much clear, initially the returns of income filed by the assessee were not subjected to scrutiny but were only processed u/s 143(1) - Subsequently, AO had received specific information indicating that certain purchases made by the assessee are non-genuine. Therefore, tangible material was available with the Assessing Officer to reopen the assessments u/s 147 of the Act. That being the case, there cannot be any question regarding assumption of jurisdiction u/s 147 of the Act. - Decided against assessee.
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