https://www.taxtmi.com/caselaws?id=329032 The court quashed the notices for reopening of assessment as the alleged bogus purchases did not impact the assessee's income exempt under section 10AA of the Income Tax Act 1961. The court found that the reasons provided by the Assessing Officer were valid and demonstrated independent application of mind, allowing for the reopening. However, since the exempt income would not be affected even if the alleged purchases were disallowed, the court concluded that there was no escapement of income chargeable to tax, leading to the dismissal of the reopening notices. en-us Thu, 09 Jun 2016 00:00:00 +0530 Tue, 21 Jun 2016 11:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329032 The court quashed the notices for reopening of assessment as the alleged bogus purchases did not impact the assessee's income exempt under section 10AA of the Income Tax Act 1961. The court found that the reasons provided by the Assessing Officer were valid and demonstrated independent application of mind, allowing for the reopening. However, since the exempt income would not be affected even if the alleged purchases were disallowed, the court concluded that there was no escapement of income chargeable to tax, leading to the dismissal of the reopening notices. Case-Laws Income Tax Thu, 09 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329032