2018 (5) TMI 2085

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....umar Aggarwal (Accountant Member) 1. The captioned appeal by assessee for Assessment Year [AY] 2011-12 contest the order of Ld. Commissioner of Income-Tax (Appeals)-21 [CIT(A)], Mumbai, Appeal No. CIT(A)-21/ITO-13(2)(4)/IT- 149/2016-17 dated 20/11/2017 qua confirmation of certain additions on account of alleged bogus purchases. The assessment for impugned AY was framed by Ld. Income Tax Officer....

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....ssessee stood beneficiary of such bogus purchase bills to the tune of Rs. 28,41,238/- from two such parties. Consequently, statutory notice u/s 148 dated 11/03/2015 was issued to the assessee which was followed by notices u/s 143(2) and 142(1). 2.2 During assessment proceedings, the assessee, inter-alia, submitted ledger extracts bank statement evidencing payment to the suppliers, copies of inv....

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....ound of validity of reassessment proceedings as raised by the assessee is concerned, we find no merit in the same since the return was processed u/s 143(1) and the new tangible material came into the possession of Ld. AO in the shape of information from concerned authorities which pointed at escapement of income and therefore, the jurisdiction was validly assumed by Ld. AO. 5. So far as quantum....