https://www.taxtmi.com/caselaws?id=347550 The Tribunal allowed the assessee's appeals in part and dismissed the revenue's appeals. The AO's addition based on information from the sales tax department regarding bogus purchases was restricted to 2% of such purchases. The Tribunal found that the quantitative details and day-to-day stock register were not disputed, leading to the modification of lower authorities' orders. The proceedings initiated under section 147 and issuance of notice under section 148 were deemed valid, contrary to the assessee's claims. The order under section 143(3) read with section 147 was upheld, and the charging of interest under sections 234A, 234B, 234C, and 234D was not specifically addressed in the text. en-us Tue, 29 Aug 2017 00:00:00 +0530 Wed, 06 Sep 2017 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347550 The Tribunal allowed the assessee's appeals in part and dismissed the revenue's appeals. The AO's addition based on information from the sales tax department regarding bogus purchases was restricted to 2% of such purchases. The Tribunal found that the quantitative details and day-to-day stock register were not disputed, leading to the modification of lower authorities' orders. The proceedings initiated under section 147 and issuance of notice under section 148 were deemed valid, contrary to the assessee's claims. The order under section 143(3) read with section 147 was upheld, and the charging of interest under sections 234A, 234B, 234C, and 234D was not specifically addressed in the text. Case-Laws Income Tax Tue, 29 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347550