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TMI Blog2018 (4) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... ss to initiate reassessment proceedings even when intimation under section 143(1) - Decided in favour of revenue. Bogus purchases - Held that:- The assessee in the first year i.e. assessment year 2009-10 has maintained quantitative details. In other words, it has the evidence of purchasing goods and its sales. In such circumstances, at best, higher gross profit rate can be applied. Following our decision in earlier orders, we hold that GP rate of 10% over and above GP declared by the assessee in its books of account, be applied to work out the additional income in the hands of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... 147, wherein no notice u/s 142(1) and 143(2) being served to assessee and no reasons to believe were provided to the assessee appellant. 3. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) has erred in estimating the Gross profit @ 20% for the assessment year especially in view of the fact that in principle it has been accepted that the purchases are genuine under such circumstances there is no need of any estimation of Gross Profit on alleged bogus purchase. Entire addition needs to be deleted. 5. The issue in grounds of appeal No.1 and 2 raised by the assessee is against re-assessment proceedings initiated under section 147 of the Act in the absence of any material showing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e year under appeal. 8. The assessee is in appeal before us on all the three issues. 9. The first issue raised by the assessee is against re-assessment proceedings initiated under section 147 / 148 of the Act. We find that the said issue is squarely covered against the assessee by the ratio laid down by Hon'ble Supreme Court in ACIT Vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (supra) and referring to paras 4 and 5 of the appellate order, we uphold the same and dismiss the ground of appeal No.1 raised by the assessee. 10. Coming to the next ground of appeal raised by the assessee of non service of notice. The CIT(A) in paras 5 and 5.1 at pages 9 and 10 has gone through the assessment records and also dispatch register and verified not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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