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TMI Blog2024 (8) TMI 869X X X X Extracts X X X X X X X X Extracts X X X X ..... with the same has preferred this appeal raising several grounds. 3. The fact of the case shows that the assessee is an individual where he filed his return of income declaring total income of Rs. 164,870 as he is dealing as a trader in Farah's and nonferrous metal. The name of the assessee appears as a beneficiary in obtaining accommodation entries and hawala bills from non-existing entity is discovered by Maharashtra sales tax department and information passed on to the assessing officer by the director general of income tax, investigation Wing, Mumbai that assessee has made purchases of Rs. 3,620,179/-from one party namely Sai Kripa metallic traders. Therefore, the notice under section 148 was issued on 19/2/2014 which was not responded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided enough opportunities before the lower authorities, assessee did not avail of these opportunities therefore the claim of the learned authorized representative that the proper opportunities before the learned AO and the learned CIT appeal is not given is absolutely false. On the issue of reopening of the assessment it was submitted that there is a tangible material in the form of information received that assessee has obtained the bogus invoices from one party. The assessee failed to prove the genuineness of such purchases; several details were asked of them were filed before the learned assessing officer therefore it shows that the reasons recorded by the learned assessing officer are correct. On the issue of cross examination, he subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tertain the argument of the learned authorized representative about failure on part of the assessing officer to grant an opportunity of cross-examination. Further, the assessee is into the business of ferrous and nonferrous metal as a trader, therefore if there is a bogus purchase, and quantitative details are available, only the profit embedded therein is required to be taxed in the hands of the assessee. Honourable Bombay High Court in case of Monmouth Haji Adam has laid down the amount of addition required to be made in the hands of the assessee if the purchases are bogus. Therefore, we direct the learned assessing officer to make the addition to that extent only. For this purpose, as the information is not available before us, we are ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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