https://www.taxtmi.com/caselaws?id=351174 The Tribunal upheld the validity of the assessment reopening under sections 147/148 of the Income Tax Act. The deletion of the addition made under section 69C was supported, emphasizing that purchases should not be disallowed solely due to untraceable suppliers if transactions were genuine. Regarding alleged bogus purchases, only the profit margin was deemed taxable, with a 15% disallowance rate considered fair. The Tribunal affirmed the Ld. Commissioner's decision, dismissing the Revenue's appeal to prevent revenue leakage. The order was upheld, and the decision was announced on 11/09/2017. en-us Mon, 11 Sep 2017 00:00:00 +0530 Tue, 21 Nov 2017 08:50:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351174 The Tribunal upheld the validity of the assessment reopening under sections 147/148 of the Income Tax Act. The deletion of the addition made under section 69C was supported, emphasizing that purchases should not be disallowed solely due to untraceable suppliers if transactions were genuine. Regarding alleged bogus purchases, only the profit margin was deemed taxable, with a 15% disallowance rate considered fair. The Tribunal affirmed the Ld. Commissioner's decision, dismissing the Revenue's appeal to prevent revenue leakage. The order was upheld, and the decision was announced on 11/09/2017. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351174