Ashok S Vakharia HUF vs ITO

Whether reassessment proceedings under Section 147/148 were validly initiated based on information from DGIT (Investigation) without independent application of mind by the Assessing Officer --- Held No; Whether additions under Section 69C for alleged bogus purchases were justified when payments were made through banking channels and the assessee provided invoices and bank statements --- Held Partly, as the Tribunal restricted additions to peak credit and estimated profit; Whether denial of cross-examination of suppliers violated principles of natural justice --- Held No, as the assessee failed to produce suppliers and the plea was not raised during assessment.