https://www.taxtmi.com/caselaws?id=332936 The High Court ruled in favor of the petitioner in a case involving the reopening of assessment based on alleged bogus purchases. The court found that the Assessing Officer had already disallowed all purchases from the supplier, leaving no justification for further adjustments to the Gross Profit ratio. Without evidence of other non-genuine purchases, the court set aside the notice and revision order under section 263 of the Income Tax Act, disposing of the case in favor of the petitioner. en-us Mon, 26 Sep 2016 00:00:00 +0530 Sat, 17 Jun 2017 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332936 The High Court ruled in favor of the petitioner in a case involving the reopening of assessment based on alleged bogus purchases. The court found that the Assessing Officer had already disallowed all purchases from the supplier, leaving no justification for further adjustments to the Gross Profit ratio. Without evidence of other non-genuine purchases, the court set aside the notice and revision order under section 263 of the Income Tax Act, disposing of the case in favor of the petitioner. Case-Laws Income Tax Mon, 26 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332936