Bogus Purchase: Reassessment based on info that assessee involved in the same is valid

Mr. Girish Narapatchand Kanungo Vs ITO (ITAT Mumbai) Conclusion: Reassessment was rightly opened under section 147 by AO as he had received fresh and tangible material being incriminating information from DGIT(Inv.) which in turn was based on incriminating information received from VAT authorities that assessee to be beneficiary of alleged bogus purchases and it was sufficient to reopen  concluded assessment within the parameters of section 147. Held: Information was received by AO from DGIT(Inv) Wing, Mumbai which in turn was based on information received by Investigation wing from Maharasht...