2019 (5) TMI 696

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rd learned counsel for the appellant. This appeal is filed against the judgement of the Income Tax Appellate Tribunal, Jaipur Bench, Jaipur (for short-`the ITAT') dated 9.2.2018 by which the appeal of the assessee-appellant was dismissed and the subsequent order dated 6.8.2018 by which the misc. application filed for rectification of the mistake in the order dated 9.2.2018 was also dismissed. The assessee in the aforesaid appeal before the Tribunal challenged the order dated 1.7.2016 passed by the CIT(A) by which the assessee was partly allowed. That appeal was filed by the assessee against the assessment order dated 31.10.2004. The assessee-appellant filed income tax return on 31.10.2007 declaring total income of Rs. 13,76,920. Subse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f initiation of proceedings u/s.147 of the Income Tax Act, 1961 on the basis of borrowed satisfaction for which the objections were raised by the assessee before the Assessing Officer. The Tribunal by passing the impugned order had not adjudicated the specific contention and plea raised by the assessee. The Tribunal has not given any finding on the issue of validity of reopening when the Assessing Officer had disposed of the objection by a non-speaking order. I is argued that the order passed by the Tribunal is contrary to the settled proposition of law. Perusal of the order passed by the Tribunal dated 9.2.2018 indicates that the Investigation Wing, Mumbai had conducted search and seizure operation over the group concern of Shri Prav....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....reby reducing the income chargeable to tax. It is established on the basis of information provided by the Investigating Wing that purchases from the parties are bogus and the bogus purchases pertaining to the assessment year under consideration representing income of Rs. 20,96,965 had therefore escaped assessment. Hence reasons for reopening were recorded and notice u/s.148 was issued on 24.3.2014, which was duly served upon the assessee. Copy of reasons recorded were supplied to the assessee alongwith notice u/s.142(1) and notice u/s.143(2) dated 21.4.2014. The Assessing Officer on examination of purcahse details noted that the assessee had shown purchases from M/s. JPK Trading Pvt. Ltd. Amounting to Rs. 20,96,965/-. However, as per the st....