https://www.taxtmi.com/caselaws?id=347545 The Tribunal upheld the reopening of assessment under section 148 of the Income Tax Act based on tangible information about hawala dealers issuing bogus invoices. Disallowance of a portion of bogus purchases was confirmed, with a 12.5% disallowance applied due to lack of evidence. Unexplained expenditure was deleted with evidence of genuine purchases, except for purchases from specific hawala dealers. Addition on purchases from hawala dealers was restricted to 16% of total purchases. The appeals of the assessee were partly allowed, while the revenue's appeals were dismissed. The Tribunal's decision was pronounced on 28th Aug, 2017. en-us Mon, 28 Aug 2017 00:00:00 +0530 Wed, 06 Sep 2017 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347545 The Tribunal upheld the reopening of assessment under section 148 of the Income Tax Act based on tangible information about hawala dealers issuing bogus invoices. Disallowance of a portion of bogus purchases was confirmed, with a 12.5% disallowance applied due to lack of evidence. Unexplained expenditure was deleted with evidence of genuine purchases, except for purchases from specific hawala dealers. Addition on purchases from hawala dealers was restricted to 16% of total purchases. The appeals of the assessee were partly allowed, while the revenue's appeals were dismissed. The Tribunal's decision was pronounced on 28th Aug, 2017. Case-Laws Income Tax Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347545