https://www.taxtmi.com/caselaws?id=257714 The High Court upheld the Tribunal's decision to reopen assessments of earlier years under the Income Tax Act, invoking Explanation 2 to Section 153. The direction aimed to examine the genuineness of purchases made by the appellant from certain parties, potentially enhancing income. The Court found the reopening justified to determine the correct tax liability, emphasizing the appellant's concession and the potential benefit if transactions were proven genuine. The appeal was dismissed in favor of the revenue, with no costs imposed. en-us Wed, 18 Feb 2015 00:00:00 +0530 Fri, 20 Mar 2015 02:51:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257714 The High Court upheld the Tribunal's decision to reopen assessments of earlier years under the Income Tax Act, invoking Explanation 2 to Section 153. The direction aimed to examine the genuineness of purchases made by the appellant from certain parties, potentially enhancing income. The Court found the reopening justified to determine the correct tax liability, emphasizing the appellant's concession and the potential benefit if transactions were proven genuine. The appeal was dismissed in favor of the revenue, with no costs imposed. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257714