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2017 (9) TMI 524 - ITAT MUMBAIRe-opening of assessment u/s 147 r.w.s. 148 - Held that:- We find from the record that the proceeding u/s 148 of the Act were rightly initiated within the period of 6 years from the end of the assessment year as the income escaping the assessment was of more than ₹ 1 lakh. There is nothing on record to controvert the findings of the ld.CIT(A) on this issue. We, therefore, are inclined to uphold the same. Accordingly, grounds dismissed. Bogus purchases - Held that:- CIT(A) after examining the various records correctly sustained the addition to the tune of GP rate of 12.5% of the total purchases as made by the AO on the basis that the AO did not doubt the corresponding sales thereof. CIT(A) also observed that the assessee might have purchased the material from the grey market and thus made savings of VAT, octroi and other relevant taxes - Decided against assessee. Disallowance of expenses - assessee non produced bills and vouchers - Held that:- We are fully in agreement with the ld.CIT(A) that the assessee has failed to produce necessary bills and vouchers of the said expenses and therefore the FAA has rightly disallowed the said expenses. Accordingly, we uphold the action of the ld.CIT(A) - Decided against assessee Income from other sources - various receipts as appearing in the AIR data on which the TDS have been deducted by the respective parties - Held that:- The assessee has failed to produce the evidences of ₹ 1,64,362/- with regards to various receipts as appearing in AIR on which TDS was also deducted. In our opinion the FAA has rightly directed the AO to verify whether the said income has been declared by the assessee in the return of income and if not assess accordingly. The AO is directed to decide as directed by the FAA. The ground allowed for statistical purposes.
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