2021 (9) TMI 252

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....Kumar Aggarwal, Accountant Member 1. Aggrieved by confirmation of certain addition of alleged bogus purchases of Rs. 14.66 Lacs for Assessment Year 2012-13, the assessee is in further appeal before us. The assessment was framed u/s. 143(3) r.w.s. 147 on 26/03/2015 which was confirmed by Ld. CIT(A)-26, Mumbai vide impugned order dated 28/06/2019. The assessee being resident individual is stated ....

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....m DGIT (Inv.), it transpired that the assessee made suspicious purchase in A.Ys. 2010-11 & 2011-12 which ultimately culminated into certain additions in the hands of the assessee. These additions have been accepted by the assessee. On the basis of said information, Ld. AO formed an opinion that the assessee would have taken bogus bills in A.Y. 2012-13 also to suppress profits. Another reason of re....

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....nd not the established fact of escapement of income. At the stage of issue of notice, the only question to be considered was whether there was relevant material on which a reasonable person could have formed a requisite belief that income has escaped assessment. Based on precise information as received from DGIT (Inv.), Ld. AO had this belief and reopened the case. Therefore, the same was perfectl....