TaxTMI 
TaxTMI 
2022 (2) TMI 914
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.... grounds of appeal: 1. That the A.O. was not justified in initiating a proceeding u/s 147/148 of the Income Tax Act, 1961. 2. That there was no failure on the part of the assessee to disclose any material. Hence, reopening of the assessment after the expiry of four years is bad and against the provisions of law. 3. That the CIT(A) was not justified in sustaining the addition of Rs. 8,72,150/- made by the AO on account alleged bogus purchases made by the assessee. 4. That both CIT(A) & AO failed to appreciate that the assessee provided the complete evidence of purchases which was brushed aside by both the authorities. 5. That CIT(A) has wrongly sustained the addition of Rs. 2,58,160/- made by the A.O. on account of 5% G.P. on alleg....
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....bove said information, Ld. A.O. issued notice u/s. 148 after recording the reasons u/s. 147 of the Income Tax Act that the income amounting to Rs. 60,35,346/- has escaped income for the assessment year 2012-13. The assessee has challenged the issuance of notice u/s. 148 and contended that the said notice has been issued beyond the period of 4 years as contemplated in Section 147 as follows: "Section 147- If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recomputed the loss or the depreciation allowance or any other allowance or deduction for such assessment year (hdereaft....
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....ued notices. However no reply was filed. Further It was also noted that during the course of survey u/s. 133A of the Act carried out at the business premises of M/s J.P. Industries, Jallalabad West on 20.02.2014 and several documents were impounded. And also cash books and a ledger relating to the concern M/s. Surinder Sat Agro Foods, Jallalabad for the period of 2011-12 were also seized. From the perusal of the same, it was revealed that the assessee had sold paddy worth Rs. 51,63,196/- for which the assessee firm had made cash payment in lieu of that sales. And also notice was issued for escapement of income of Rs. 60,35,346/- and assessee was asked to file evidence in respect of bogus purchase of Rs. 8,72,160/- from M/s. Kamna Overseas/E....
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....ting addition of Rs. 2,58,160/- on the basis of trade GP @ of 5% in which it is alleged by the lower authorities that assessee has sold paddy worth Rs. 51,63,196/- to M/s. Surinder Sat Agro Foods, Jalalabad for which the assessee firm had received cash payment in lieu of that sales. 12. But On the other hand, assessee denied any transaction took place between the Surinder Sat Agro Foods and it is pertinent to mention here that M/s. Surinder Sat Agro Foods, Jalalabad also filed an affidavit with the lower authorities in which it was mentioned that it had not carried out any business transaction with the said firm. Ld. A.O. also mentioned in his order that assessee has made unaccounted sales to PUNSUP or any other Agency. 13. In support of ....