https://www.taxtmi.com/caselaws?id=351719 The Tribunal dismissed the Revenue's appeal, partially allowing the Assessee's appeal by restricting the addition to 2% of the GP related to alleged bogus purchases. The reopening of assessment was upheld as the reasons recorded by the AO provided sufficient grounds for believing income had escaped assessment. The Tribunal considered the Assessee's profit rates over the years and emphasized the significant increase in the current GP rate, justifying the limited addition. en-us Thu, 23 Nov 2017 00:00:00 +0530 Thu, 30 Nov 2017 08:43:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351719 The Tribunal dismissed the Revenue's appeal, partially allowing the Assessee's appeal by restricting the addition to 2% of the GP related to alleged bogus purchases. The reopening of assessment was upheld as the reasons recorded by the AO provided sufficient grounds for believing income had escaped assessment. The Tribunal considered the Assessee's profit rates over the years and emphasized the significant increase in the current GP rate, justifying the limited addition. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351719