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2024 (2) TMI 162 - ALLAHABAD HIGH COURTReopening of assessment u/s 147 - "reason to believe" - reassessment the strength of cogent material and evidence discovered during a survey proceeding against a third party [M/s Bait-Al-Tamurat, Mumbai] - HELD THAT:- A bonafide satisfaction reached as to escapement of income made suffice the test of valid assumption of jurisdiction. Seen in that light, specific allegation was made against the petitioner of having made cash purchases in excess of Rs. 20,000/-. The reply that was furnished by the petitioner does not establish that either the purchases made by the petitioner from third party during the financial year 2015-16 valued were paid through banking channel or that no purchases were made by the petitioner from such seller. What may have been the total quantum of purchases made by the petitioner from third party and what part of it may have been accounted against the payment made through banking channel may remain to be verified at the stage of reassessment. For the purposes of assumption of jurisdiction, all that is required to be seen is, if the satisfaction is bonafide. To that end, there is no dispute that the authority had conducted a survey against third party. In that information was revealed that cash purchases made by the petitioner were valued - In absence of any objection as to existence of such information and there being no material available to reach further satisfaction that such payments were made through banking channel, all other pleas being raised by learned counsel for the petitioner may remain to be examined, on merits, in the face of reassessment proceedings that are still pending.
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