https://www.taxtmi.com/caselaws?id=352528 The Tribunal upheld the disallowance of 6.5% of bogus purchases for the assessment years 2010-11 and 2011-12. It confirmed the validity of reopening the assessment under Section 147 for 2010-11 based on credible information. The Revenue's appeal for a higher addition was rejected, and the assessee's cross objection to limit the addition was dismissed. The Tribunal maintained the 6.5% addition for both years, citing judicial precedents and lack of evidence from the assessee to refute the findings. All appeals and objections were dismissed, affirming the Commissioner of Income Tax (Appeals) decisions. en-us Mon, 11 Dec 2017 00:00:00 +0530 Sat, 16 Dec 2017 10:33:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352528 The Tribunal upheld the disallowance of 6.5% of bogus purchases for the assessment years 2010-11 and 2011-12. It confirmed the validity of reopening the assessment under Section 147 for 2010-11 based on credible information. The Revenue's appeal for a higher addition was rejected, and the assessee's cross objection to limit the addition was dismissed. The Tribunal maintained the 6.5% addition for both years, citing judicial precedents and lack of evidence from the assessee to refute the findings. All appeals and objections were dismissed, affirming the Commissioner of Income Tax (Appeals) decisions. Case-Laws Income Tax Mon, 11 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352528