Reassessment Upheld u/s 147 for Bogus Purchases Involving Hawala Transactions; New Information Justifies Action.

Reassessment u/s 147 - bogus purchases - When the investigation wing has received specific information from another gov. Dept. that assessee has indulged in hawala transaction by availing bogus purchases bills to inflate its purchases, it cannot be said that the AO had no information or that there was no fresh material for reopening of the assessment - reopening sustained .....

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