https://www.taxtmi.com/caselaws?id=341432 Reassessment under sections 147 and 148 is valid where the original return was only processed under section 143(1) and tangible material from the Investigation Wing, based on Sales Tax information, indicates escapement of income. Where the assessee fails to prove the genuineness of purchases, does not produce suppliers, and supporting evidence of delivery or transport is not satisfactory, the purchase claim may be treated as non-genuine. In such cases, if sales are not disturbed, only the profit element embedded in the disputed purchases may be estimated for taxation, with due credit for declared gross profit after verification. en-us Tue, 04 Apr 2017 00:00:00 +0530 Sat, 08 Apr 2017 07:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341432 Reassessment under sections 147 and 148 is valid where the original return was only processed under section 143(1) and tangible material from the Investigation Wing, based on Sales Tax information, indicates escapement of income. Where the assessee fails to prove the genuineness of purchases, does not produce suppliers, and supporting evidence of delivery or transport is not satisfactory, the purchase claim may be treated as non-genuine. In such cases, if sales are not disturbed, only the profit element embedded in the disputed purchases may be estimated for taxation, with due credit for declared gross profit after verification. Case-Laws Income Tax Tue, 04 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341432