https://www.taxtmi.com/caselaws?id=267158 The Delhi High Court reversed the ITAT's decision and upheld the reopening of the assessment under section 147 of the Income Tax Act, stating that only a prima facie view is required at the initiation of reassessment proceedings. The ITAT directed the deletion of the entire addition made on account of purchases due to lack of independent verification by the AO. The ITAT also directed the deletion of the addition made on account of inflated export sales, emphasizing the need for proper verification before making additions. The ITAT upheld the CIT(A)'s methodology for estimating income based on peak payments and gross profit rate. en-us Wed, 30 Sep 2015 00:00:00 +0530 Sat, 31 Oct 2015 09:41:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267158 The Delhi High Court reversed the ITAT's decision and upheld the reopening of the assessment under section 147 of the Income Tax Act, stating that only a prima facie view is required at the initiation of reassessment proceedings. The ITAT directed the deletion of the entire addition made on account of purchases due to lack of independent verification by the AO. The ITAT also directed the deletion of the addition made on account of inflated export sales, emphasizing the need for proper verification before making additions. The ITAT upheld the CIT(A)'s methodology for estimating income based on peak payments and gross profit rate. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267158