Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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ITAT upheld the reopening of assessment under s.147 as it was based on new facts not previously available to the AO, rejecting assessee's claim of mere "change of opinion." Regarding bogus purchases from six entities, ITAT confirmed CIT(A)'s approach of quantifying profit at 10% GP rate (less 1.53% already disclosed), sustaining addition of Rs. 1,22,08,002. CIT(A) reasonably estimated profits based on prevailing GP rates in rice miller/trader business for goods procured from grey market rather than bogus entities. On unaccounted investments, ITAT affirmed AO's addition based on "peak purchase" amount appearing in bogus concern's account, considering it represented unexplained investment in bogus billing operations.
ITAT upheld the reopening of assessment under s.147 as it was based on new facts not previously available to the AO, rejecting assessee's claim of mere "change of opinion." Regarding bogus purchases from six entities, ITAT confirmed CIT(A)'s approach of quantifying profit at 10% GP rate (less 1.53% already disclosed), sustaining addition of Rs. 1,22,08,002. CIT(A) reasonably estimated profits based on prevailing GP rates in rice miller/trader business for goods procured from grey market rather than bogus entities. On unaccounted investments, ITAT affirmed AO's addition based on "peak purchase" amount appearing in bogus concern's account, considering it represented unexplained investment in bogus billing operations.
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