TMI Blog2018 (5) TMI 2085X X X X Extracts X X X X X X X X Extracts X X X X ..... the shape of information from concerned authorities which pointed at escapement of income and therefore, the jurisdiction was validly assumed by Ld. AO. Quantum of additions - There could be no sale without purchase /consumption of material since the assessee was engaged as manufacturer of sheet metal components. The sales turnover achieved by the assessee has not been disputed by the revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AGGARWAL, AM For the Assessee : None For the Revenue : N. Hemalatha, Ld. DR ORDER Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by assessee for Assessment Year [AY] 2011-12 contest the order of Ld. Commissioner of Income-Tax (Appeals)-21 [CIT(A)], Mumbai, Appeal No. CIT(A)-21/ITO-13(2)(4)/IT- 149/2016-17 dated 20/11/2017 qua confirmation of certain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on from Sales Tax Department, Maharashtra regarding dealers indulging in bogus purchase bills and it was noted that the assessee stood beneficiary of such bogus purchase bills to the tune of ₹ 28,41,238/- from two such parties. Consequently, statutory notice u/s 148 dated 11/03/2015 was issued to the assessee which was followed by notices u/s 143(2) and 142(1). 2.2 During assessment proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee is in further appeal before us. The Ld. DR has placed reliance on the stand of lower authorities. 4. In so far as the ground of validity of reassessment proceedings as raised by the assessee is concerned, we find no merit in the same since the return was processed u/s 143(1) and the new tangible material came into the possession of Ld. AO in the shape of information from concerned authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be made, was to account for profit element embedded in these purchase transactions to factorize for profit earned by assessee against possible purchase of material in the grey market and undue benefit of VAT against such bogus purchases, which Ld. CIT(A) has rightly done. Therefore, finding the same in order, we dismiss the assessee s appeal. 6. Resultantly, the assessee s appeal stands di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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