https://www.taxtmi.com/caselaws?id=346858 The case involved the reopening of assessment under section 147 of the Income Tax Act due to income escaping assessment. The Assessing Officer (AO) based the reopening on information about purchases from parties providing bogus bills. The AO alleged purchases from hawala operators and made additions under section 69C. The CIT(A) estimated net profit on bogus purchases at 12.5%. The ITAT upheld this decision for certain years and at 25% for another year. The ITAT dismissed the revenue's appeals, affirming the CIT(A)'s estimation of net profit on bogus purchases. en-us Fri, 04 Aug 2017 00:00:00 +0530 Tue, 22 Aug 2017 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346858 The case involved the reopening of assessment under section 147 of the Income Tax Act due to income escaping assessment. The Assessing Officer (AO) based the reopening on information about purchases from parties providing bogus bills. The AO alleged purchases from hawala operators and made additions under section 69C. The CIT(A) estimated net profit on bogus purchases at 12.5%. The ITAT upheld this decision for certain years and at 25% for another year. The ITAT dismissed the revenue's appeals, affirming the CIT(A)'s estimation of net profit on bogus purchases. Case-Laws Income Tax Fri, 04 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346858