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| The Tax Publishers2020 TaxPub(DT) 0196 (Bom-HC) : (2020) 312 CTR 0237 INCOME TAX ACT, 1961
Section 148
Where reasons supplied along with notice contain no assertion that there was any failure of the petitioner to disclose fully and truly all material facts necessary for assessment and assessee had supplied all materials regarding the very same allegations against assessee and the same were examined by AO, therefore, requirement to reopen the assessment proceeding was not present and notice under section 148 was quashed.
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Reassessment - Validity - Bogus purchases -
Assessee received a notice from AO sought to reopen the assessment on the reasons that information gathered by office revealed that captioned assessee was one of beneficiaries who purchased HAWALA bills from companies who were engaged in business/ activity of issuing bogus bills without delivery of goods as per requirements of their customers. Assessee was a beneficiary on account of purchasing bogus bills without delivery of goods from parties. After considering the response of assessee, AO concluded that purchases were made, however, they were made at a lower cost from the grey market and disallowed certain purchases as bogus purchases. Held: The reasons supplied along with the notice contain no assertion there was any failure of assessee to disclose fully and truly all material facts necessary for the assessment. Pursuant to reasons given along with reopening notice, assessee had supplied all material regarding the very same allegations against the assessee and the same were examined by AO and all the material was placed before AO. Therefore, it cannot be said that there was a failure by assessee to disclose all material facts fully and truly and requirement to reopen the assessment proceeding was not present.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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