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| The Tax Publishers2020 TaxPub(DT) 4345 (Kol-Trib) INCOME TAX ACT, 1961
Section 147
AO clearly made out the case of bogus purchases on the basis of the report from Sales Tax Department and AO after making detailed enquiry, noticed that parties were non-existent. Accordingly, reopening of assessment on the basis of the specific information was legally valid.
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Reassessment - Reason to believe - AO made detailed enquiry as regards information emanated from ST Department -
Assessee challenged validity of reassessment framed by AO on the ground that AO reopened assessment simply on the basis of satisfaction recorded by some other authority (ie., third party) like Sales Tax, Mumbai but did not record his own satisfaction.Held: AO clearly made out the case of bogus purchases on the basis of the report from Sales Tax Department and AO after making detailed enquiry noticed that parties were non-existent. Accordingly, reopening of assessment on the basis of the specific information was legally valid.
Relied:Astt. CIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd., dated 23-5-2007 Appeal (Civil) No. 2830 of 2007.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2009-10 & 2011-12
INCOME TAX ACT, 1961
Section 69C
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