TaxTMI 
TaxTMI 
2019 (7) TMI 2085
X X X X Extracts X X X X
X X X X Extracts X X X X
.... SHARMA, A.M. This is an appeal filed by the assessee against the order of ld. CIT(A) I, Jaipur dated 29/06/2018 for the A.Y. 2007-08 in the matter of order passed U/s 148 r.w.s. 143(3) of the Income Tax Act, 1961 (in short, the Act). 2. In this appeal, the assessee is aggrieved for reopening of assessment U/s 147 of the Act and also on merit of trading addition made to the extent of Rs. 3,0....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ment, wherein it was admitted by him that he was in the business of providing accommodation entries. After recording the reasons for reopening, the A.O. has issued notice U/s 148 of the Act. The ld. CIT(A) has confirmed the action of the A.O. after discussing various judicial pronouncements on the issue wherein reopening on the basis of report of Investigation Wing was held to be justified. We als....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f the Coordinate Bench and found that the facts in the case of Shri Rajendra Prasad Choudhary Vs ACIT are different from the facts of the instant case. However, we found that in assessee's own case, the Tribunal have passed the order for similar bogus purchases and upheld the addition by taking G.P. rate at 10.28%. The precise observation of the ld. CIT(A) while upholding the addition by estimatin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t history becomes the relevant basis but if the AO wishes to tinker with the basis of past records, then some flaw has to be found by the AO in making some addition and, in the instant case under consideration, the purchases to the tune of Rs. 27,87,133/- were found to be bogus/unverifiable. Therefore, in view of the totality of facts and circumstances of the case, in my considered opinion, it wou....