The Tribunal  held that the Assessing Officer disputed that the source of purchase as outside the books of account. In fact the purchase of the same amount and invoice had been recorded in the books of account and duly disclosed and the amount had been paid through banking channels. The corresponding sales had also not been disputed including the direct expenses and the gross profit. At the most, this could be a case where the assessee had made purchases in cash and taken an accommodation bills for the sum for which cheque amount had been issued. In such a case also, the source of purchase were from the books. Therefore, the entire purchases could not be treated as income of the assessee especially when the books of account had not been rejected and the sales and the gross profit stood accepted in the trading account. It could be at best, a case of suppression of the gross profit on the purchase of Rs. 1,93,066. Under these facts and circumstances, the profit element of such amount should be added as income. Accordingly, the Assessing Officer was directed to apply the gross profit declared by the assessee on purchase of Rs. 1,93,066 and deleted the balance.  As regards reassessment the Assessing Officer after receiving the information had independently applied his mind and recorded his reasons to believe why such a purchase was not genuine.  Reassessment is held to be valid . ( AY.2011-12)