https://www.taxtmi.com/caselaws?id=759127 ITAT Mumbai held that reopening of assessment under Section 147 based solely on investigation department information without independent inquiry was invalid. The AO acknowledged assessee submitted bills, delivery challans, stock registers, bank statements, and party confirmations for alleged bogus transactions. The AO found no adverse findings regarding submitted documents, confirmed goods were sold per audited statements, input credit wasn't denied, and supplier wasn't named as hawala party. Cross-examination revealed the alleged accommodation entry provider denied giving hawala bills to assessee. The tribunal ruled the reassessment lacked proper appreciation of evidence and was based merely on investigation wing report without tangible material proving assessee's involvement in bogus purchases. Addition deleted, decided for assessee. en-us Thu, 01 Aug 2024 00:00:00 +0530 Wed, 25 Sep 2024 08:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759127 ITAT Mumbai held that reopening of assessment under Section 147 based solely on investigation department information without independent inquiry was invalid. The AO acknowledged assessee submitted bills, delivery challans, stock registers, bank statements, and party confirmations for alleged bogus transactions. The AO found no adverse findings regarding submitted documents, confirmed goods were sold per audited statements, input credit wasn't denied, and supplier wasn't named as hawala party. Cross-examination revealed the alleged accommodation entry provider denied giving hawala bills to assessee. The tribunal ruled the reassessment lacked proper appreciation of evidence and was based merely on investigation wing report without tangible material proving assessee's involvement in bogus purchases. Addition deleted, decided for assessee. Case-Laws Income Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759127