https://www.taxtmi.com/caselaws?id=330311 The tribunal upheld the reopening of the assessment under section 147/148 of the Income Tax Act, 1961, based on specific information regarding accommodation bills obtained from hawala dealers. However, it modified the additions made on account of alleged bogus purchases, directing the Assessing Officer to restrict the addition to 2% of the alleged amount. The tribunal emphasized the need for corroborative evidence and a balanced approach to safeguard revenue interests while acknowledging the genuine business operations of the assessee. The appeals were allowed in part, reflecting a nuanced decision. en-us Wed, 20 Jul 2016 00:00:00 +0530 Fri, 22 Jul 2016 14:07:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330311 The tribunal upheld the reopening of the assessment under section 147/148 of the Income Tax Act, 1961, based on specific information regarding accommodation bills obtained from hawala dealers. However, it modified the additions made on account of alleged bogus purchases, directing the Assessing Officer to restrict the addition to 2% of the alleged amount. The tribunal emphasized the need for corroborative evidence and a balanced approach to safeguard revenue interests while acknowledging the genuine business operations of the assessee. The appeals were allowed in part, reflecting a nuanced decision. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330311