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| The Tax Publishers2020 TaxPub(DT) 4852 (Mum-Trib) INCOME TAX ACT, 1961
Section 147
Since assessment was reopened based on tangible materials and information coming into possession of AO at a later stage, therefore, reopening of assessment under section 147 was valid.
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Reassessment - Validity - Reopening based on information emanated from Investigation Wing constituting tangible material -
AO reopened assessment based on information received from DGIT (Inv.) Mumbai that assessee had booked bogus purchses through one of the concerns which issued only accommodation entries. Assessee challenged validity of reopening contending that no independent enquiries was conducted by AO. Held: Since assessment was reopened based on tangible materials and information coming into possession of AO at a later stage, therefore, reopening of assessment under section 147 was valid.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2007-08
INCOME TAX ACT, 1961
Section 69C
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