https://www.taxtmi.com/caselaws?id=177151 The Tribunal upheld the validity of proceedings under Sections 147/148 of the Income Tax Act, finding the reopening justified based on the assessee's involvement in arranging bogus capital gains. The inclusion of turnover from bank statements of other entities and denial of cross-examination were upheld due to the assessee's admission during a survey and possession of blank signed cheque books. The application of a GP rate of 0.5% was consistent with precedent. Unexplained investments and profits from trading shares were upheld, with the issue remanded for verification of payment sources. The appeals were dismissed, affirming the Tribunal's decisions without finding any substantial legal issues. en-us Wed, 21 May 2014 00:00:00 +0530 Mon, 04 Jan 2016 13:00:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177151 The Tribunal upheld the validity of proceedings under Sections 147/148 of the Income Tax Act, finding the reopening justified based on the assessee's involvement in arranging bogus capital gains. The inclusion of turnover from bank statements of other entities and denial of cross-examination were upheld due to the assessee's admission during a survey and possession of blank signed cheque books. The application of a GP rate of 0.5% was consistent with precedent. Unexplained investments and profits from trading shares were upheld, with the issue remanded for verification of payment sources. The appeals were dismissed, affirming the Tribunal's decisions without finding any substantial legal issues. Case-Laws Income Tax Wed, 21 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177151