TMI Blog2019 (2) TMI 2035X X X X Extracts X X X X X X X X Extracts X X X X ..... cer has disposed off the objections of the assessee through a separate well reasoned order. As regards the contention of the assessee that there being no failure on the part of the assessee to disclose fully and truly all material facts relating to the assessment the re opening of assessment after four years is invalid, we must observe, non furnishing of accurate / correct details relating to purchases made tantamount to failure on the part of the assessee to disclose fully and correctly all material facts relating to his assessment. That being the case, the re opening of assessment cannot be held to be invalid The contention of the assessee that in spite of having information before him, the Assessing Officer did not make any additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment in case of the assessee was originally completed under section 143(3) of the Act vide order dated 20th December 2011, determining the total income at ₹ 1,95,37,050. After completion of the original assessment as aforesaid, proceedings under section 153C of the Act was initiated against the assessee on the basis of information / material found in a search and seizure operation conducted in case of Tirupati Group of companies on 29th April 2011. An assessment order under section 143(3) r/w section 153C of the Act was passed for the impugned assessment year on 27th March 2014, determining the total income at ₹ 6,03,000, after set off of loss. When the matter stood thus, the Assessing Officer received information from DGIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the end of the relevant assessment year is invalid, since, there is no failure on the part of the assessee to disclose fully and correctly all material facts relating to his assessment. The learned Authorised Representative submitted, though information relating to the bogus purchases was available before the Assessing Officer during the proceedings under section 153C of the Act, still the Assessing Officer did not make any addition while completing the addition, though, on the basis of same information he made addition in assessment years 2007 08 and 2008 09. The learned Authorised Representative submitted, in the course of original assessment proceedings, the assessee has furnished full details of the purchases made during the year and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opening of assessment assessee had raised objections before the Assessing Officer. However, before completion of the assessment, the Assessing Officer has disposed off the objections of the assessee through a separate well reasoned order. As regards the contention of the assessee that there being no failure on the part of the assessee to disclose fully and truly all material facts relating to the assessment the re opening of assessment after four years is invalid, I must observe, non furnishing of accurate / correct details relating to purchases made tantamount to failure on the part of the assessee to disclose fully and correctly all material facts relating to his assessment. That being the case, the re opening of assessment cannot be held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer, learned Commissioner (Appeals) enhanced the gross profit rate to 5% resulting in addition of ₹ 19,15,386. 10. The learned Authorised Representative submitted, while deciding identical issue on account of non genuine purchases, the Trbunal has restricted the addition to 2% in assessment year 2007 08, 2008 09 and 2011 12. Thus, he submitted, the addition should be restricted to 2% of the alleged non genuine purchases. 11. The learned Departmental Representative relied upon the observations of the learned Commissioner (Appeals). 12. I have considered rival submissions and perused material on record. From the facts on record, it is evident, the assessee has not furnished cogent evidence to conclusively prove th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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