https://www.taxtmi.com/caselaws?id=347811 The Tribunal dismissed the appeal against the reopening of assessment under section 147 of the Income-tax Act. Regarding the disallowance of unexplained expenses/bogus purchases, the Tribunal partially allowed the appeal, directing a 12.5% disallowance of the disputed purchases. The decision emphasized taxing only the actual income component and balancing revenue interests with fairness. This case sets a precedent for similar cases involving unexplained expenses and bogus purchases. en-us Thu, 17 Aug 2017 00:00:00 +0530 Tue, 12 Sep 2017 07:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347811 The Tribunal dismissed the appeal against the reopening of assessment under section 147 of the Income-tax Act. Regarding the disallowance of unexplained expenses/bogus purchases, the Tribunal partially allowed the appeal, directing a 12.5% disallowance of the disputed purchases. The decision emphasized taxing only the actual income component and balancing revenue interests with fairness. This case sets a precedent for similar cases involving unexplained expenses and bogus purchases. Case-Laws Income Tax Thu, 17 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347811