ORDER 

This is an appeal by the Assessee against the order dated 12.3.2018 of the Ld. CIT(A), Faridabad relevant to assessment year 2008-09 on the following grounds:-

1) That having regard to the fact and circumstances of the case, Ld. C1T (A) has erred in law and on facts in confirming the action of Ld. AO in framing the impugned reassessment order as the assessment order was passed without complying with the mandatory conditions of section 147 to 151 of the Income Tax Act, 1961 and without recording valid reasons as per law and without obtaining valid approval as per law and in any case reopening of the assessment and framing of the reassessment order was contrary to law.

2) That in any view of the matter and in any case, action of Ld.CIT(A) in confirming the action of Ld. AO in reopening of the impugned assessment u/s 143(3)/147 is bad in law and against the facts and circumstances of the case.

3) That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in upholding the action of the Ld. A.O. in framing the impugned reassessment in u/s 143(3)/147 of the Act, and that too without issuing / serving the mandatory notice u/s 143(2) within the statutory allowable period and more so by not fulfilling the requirements of the provisions of law.

4) That in any view of the matter and in any case, action of Ld.CIT(A) in confirming the action of Ld. A.O. in restricting the addition to the extent of Rs. 17,77,886/- being 12.5% of the purchases i.e. Rs. 1,42,23,093/- claimed to have been made, allegedly on account of bogus purchases from M/s Maa Durga Trading Company and that too without proper appreciation of facts on record, and by recording incorrect facts and findings, and making allegations without any basis, material or evidence and merely on the basis of surmises and conjectures and without observing the principal of natural justice.

5) That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the addition of Rs. 17,77,886/- is bad in law and against the facts and circumstances of the case.

6) That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of AO in passing the impugned order without giving adequate opportunity of being heard.

7) That the appellant craves the leave to add, alter or amend the grounds of appeal at any stage and all the grounds are without prejudice to each other.

2. The brief facts of the case are that the assessee filed his return of income declaring at Rs. 2,54,083/- on 24.4.2008. Later on, as per the information available with the Department the proceedings u/s. 147 fo the I.T. Act, 1961 were initiated after recording reasons by AO. Notice u/s. 148 of the Act was issued on 26.3.2015. In response to notice u/s. 148 fo the Act no return was filed by the assessee. The reassessment u/s. 143(3)/147 was completed on 21.3.2016 at an assessed income fo Rs. 45,21,010/-. AO on going through the information received from Investigation Wing, found that the assessee has made payment of Rs. 1,83,43,517/- to M/s Maa Durga Trading Company on account of accommodation entries provided by him to the assessee during the year. Against the order of the AO, the assessee appealed before the ld. CIT(A), who vide his impugned order dated 12.3.2018 has partly allowed the appeal of the assessee. Aggrieved with the order of the Ld. CIT(A), assessee appealed before the Tribunal.

3. Ld. Counsel for the assessee has only argued the ground no. 3 relating to upholding the action of the AO in framing the impugned reassessment u/s. 143(3)/147 of the Act, and that too without issuing / serving the mandatory notice u/s. 143(2) of the Act within the statutory allowable period and more so by not fulfilling the requirements of the provisions of law. During the hearing, ld. counsel for the assessee stated that the assessee filed its return of income on 24.4.2008 declaring total income of Rs. 2,94,083/-. The AO sta