https://www.taxtmi.com/caselaws?id=353660 The ITAT upheld the validity of reopening the assessment under Section 147 of the Income Tax Act, based on concrete and credible information received from the Investigation Wing. The reopening was deemed valid as it was not a change of opinion but based on new information. Additionally, the ITAT sustained the disallowance of 2% of bogus purchases, emphasizing the lack of evidence of actual goods movement and supporting the CIT(A)'s decision. The appeal was dismissed, affirming the orders of the CIT(A) on both issues. en-us Fri, 05 Jan 2018 00:00:00 +0530 Tue, 09 Jan 2018 08:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353660 The ITAT upheld the validity of reopening the assessment under Section 147 of the Income Tax Act, based on concrete and credible information received from the Investigation Wing. The reopening was deemed valid as it was not a change of opinion but based on new information. Additionally, the ITAT sustained the disallowance of 2% of bogus purchases, emphasizing the lack of evidence of actual goods movement and supporting the CIT(A)'s decision. The appeal was dismissed, affirming the orders of the CIT(A) on both issues. Case-Laws Income Tax Fri, 05 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353660