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        Case ID :
        Income Tax

        Reopening was upheld since approval u/s 151 validly relied on...

        Reassessment over alleged bogus purchases flagged by third-party RTGS data: reopening upheld, Section 69 addition deleted

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Reopening was upheld since approval u/s 151 validly relied on recorded "reasons to believe" founded on specific third-party RTGS information indicating alleged bogus purchases/expenses; hence reassessment proceedings were not vitiated. Addition u/s 69 was deleted because s.69 applies only where unrecorded "investments" are found, and alleged bogus purchases recorded in the books do not constitute unrecorded investments; absent any stock/inventory discrepancy or rejection of books, and with no allegation that purchase funding was outside known book sources, the assessee's onus to explain nature and source stood satisfied. Appeal allowed. - ITAT
                                Note: It is a system-generated summary and is for quick reference only.
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