https://www.taxtmi.com/caselaws?id=353977 The reassessment proceedings initiated by the Assessing Officer were challenged, but no detailed judgment was provided. Regarding the disallowance of alleged bogus purchases, the CIT(A) upheld the addition to the assessee's income due to lack of conclusive evidence. However, the Tribunal found that while the purchases may not have been from identified parties, they were likely from the open market. Therefore, only the profit element was added, reducing the addition to ? 1,78,900. The appeal was partly allowed, modifying the CIT(A)'s decision. en-us Wed, 27 Dec 2017 00:00:00 +0530 Mon, 15 Jan 2018 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353977 The reassessment proceedings initiated by the Assessing Officer were challenged, but no detailed judgment was provided. Regarding the disallowance of alleged bogus purchases, the CIT(A) upheld the addition to the assessee's income due to lack of conclusive evidence. However, the Tribunal found that while the purchases may not have been from identified parties, they were likely from the open market. Therefore, only the profit element was added, reducing the addition to ? 1,78,900. The appeal was partly allowed, modifying the CIT(A)'s decision. Case-Laws Income Tax Wed, 27 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353977