https://www.taxtmi.com/caselaws?id=347763 The Tribunal upheld the CIT(A)'s decision to reopen the assessment under Sections 147/148 of the IT Act, citing specific information on unconfirmed transactions. The addition for bogus purchases was justified based on lack of supplier confirmation and cash withdrawals. The rejection of books under Section 145 was criticized for lack of detailed analysis. Profit margin on bogus purchases was taxed at 12.5%, following precedents. The Tribunal affirmed the CIT(A)'s findings, dismissing appeals and upholding the tax treatment of profit margins for all assessment years. en-us Tue, 22 Aug 2017 00:00:00 +0530 Sat, 09 Sep 2017 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347763 The Tribunal upheld the CIT(A)'s decision to reopen the assessment under Sections 147/148 of the IT Act, citing specific information on unconfirmed transactions. The addition for bogus purchases was justified based on lack of supplier confirmation and cash withdrawals. The rejection of books under Section 145 was criticized for lack of detailed analysis. Profit margin on bogus purchases was taxed at 12.5%, following precedents. The Tribunal affirmed the CIT(A)'s findings, dismissing appeals and upholding the tax treatment of profit margins for all assessment years. Case-Laws Income Tax Tue, 22 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347763