2018 (7) TMI 1406

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....s. The assessee has also contested the reassessment proceedings on legal grounds. First, we take up appeal for 2007-08. ITA 1372/Mum/2018 for AY 2007-08 2.1 The assessee, being resident individual, engaged in manufacturing of corrugated board / boxes and labour work under proprietorship concern namely Tirupati Packaging was subjected to reassessment proceedings for the impugned AY vide order dated 27/02/2015 wherein the income of the assessee was assessed at Rs. 7.30 Lacs after sole addition of Rs. 4.92 Lacs on account of certain alleged bogus purchases. The income was initially assessed u/s 143(3) on 22/09/2009 at Rs. 2.38 Lacs. 2.2 The assessee was subjected to reassessment proceedings for impugned AY pursuant to receipt of certa....

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....ame on legal grounds as well as on merits without any success before Ld. CIT(A) vide impugned order dated 30/11/2017 wherein the Ld. first appellate authority, after due consideration of factual matrix, confirmed the stand of Ld. AO. Aggrieved the assessee is in further appeal before us. 4. The Ld. Auhtorized Representative for Assessee [AR], Shri Rushabh Mehta, on the strength of various judicial pronouncements, contested the proceeding on legal grounds as well as on merits which have been controverted by Ld. Departmental Representative, Shri Ram Tiwari. 5. We have carefully heard the rival contentions and perused the relevant material on record. So far as the legal grounds raised before us are concerned, we find that subsequent to c....

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...., Govt. Of Maharastra. Arun Paper & Iron Traders ADKPA5263C 28,96,162 In view of the above, I have reason to believe that income to the extent of Rs. 28,96,162/- has escaped assessment within the meaning of provisions of section 147 of the I.T. Act and accordingly the case is reopened by issue of notice u/s 148 of the Act, so as to reassess the assessee's correct income for the A.Y.2009-10 A perusal of the above do not convince us with the submissions made by Ld. AR. We find that Ld. AO was in receipt of concrete tangible information from DGIT (investigation) vide letter No. Corr.Field/DGIT(inv.)/2013-14 dated 26/12/2013 with respect to the assessee which, prima facie, suggest possible escapement of income. Nothing more....

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....n, made huge alleged bogus purchases of more than Rs. 10.09 crores from two entities and suffered estimated additions in the similar manner. Same methodology has been adopted by the revenue while completing the assessment under question. Therefore, we find no force the argument as raised by Ld. AR. The Ld. AR, while pleading for deletion of impugned additions, has placed reliance on certain judicial pronouncements. We find the matter to be factual one and find that the decision in each case has been rendered keeping in view the peculiar facts and circumstances of each case which is evident from the fact that there are numerous decisions favoring both the sides and therefore, could not be followed without considering the factual matrix of ea....