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2017 (1) TMI 1108 - AT - Income TaxReopening of assessment - Held that:- We notice that the averments made by the assessee that the learned CIT(A) erred in confirming the action of the AO in reopening the assessment for A.Y. 2009-10 in the case on hand by issuing notice under section 148 of the Act dated 12.03.2013, without recording valid and proper reasons to show that any income chargeable to tax had escaped assessment; is patently and factually false and do not emanate from any finding rendered by the learned CIT(A) in the impugned order. In the factual circumstances of the matter, as discussed above, we dismiss the ground raised by the assessee. Estimation of Profit @ 12.5% on bogus purchases - Held that:- On an appreciation of the facts on record and the findings rendered by the learned CIT(A) in the impugned order we find that apart from raising these grounds the assessee has failed to place on record any material evidence to controvert the findings of the learned CIT(A). In this view of the matter, we uphold the order of the learned CIT(A) on this issue of bringing to tax in the assessee’s hands the profits embedded in the bogus purchase @ 12% of the purchase cost i.e. ₹ 5,15,377/-, since the direct one to one relationship/nexus between the said purchases and sales have not been established by the assessee. - Decided against assessee
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