https://www.taxtmi.com/caselaws?id=347884 The ITAT partly allowed the appeals, upholding the validity of the reassessment proceedings under section 143 r.w.s. 147 of the Income Tax Act. The disallowance of alleged bogus purchases was reduced to 12.5% from the 25% confirmed by the CIT(A), as the ITAT found evidence supporting the assessee's involvement in bogus purchases but considered the savings made by purchasing from the grey market. en-us Thu, 17 Aug 2017 00:00:00 +0530 Wed, 13 Sep 2017 08:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347884 The ITAT partly allowed the appeals, upholding the validity of the reassessment proceedings under section 143 r.w.s. 147 of the Income Tax Act. The disallowance of alleged bogus purchases was reduced to 12.5% from the 25% confirmed by the CIT(A), as the ITAT found evidence supporting the assessee's involvement in bogus purchases but considered the savings made by purchasing from the grey market. Case-Laws Income Tax Thu, 17 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347884