https://www.taxtmi.com/caselaws?id=362822 The Tribunal upheld the validity of reopening the assessment under section 147 of the Income Tax Act based on tangible incriminating material, dismissing the appellant's challenge. It confirmed the purchases as non-genuine under section 69C due to substantial evidence of non-existence of parties and lack of proof, supporting the AO's findings. The Tribunal maintained the 12.5% disallowance for alleged bogus purchases, citing legal precedents and declining to increase the percentage since the Revenue did not appeal. The appeal was dismissed, emphasizing the significance of concrete evidence and legal backing for the decisions. en-us Mon, 02 Jul 2018 00:00:00 +0530 Wed, 04 Jul 2018 09:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362822 The Tribunal upheld the validity of reopening the assessment under section 147 of the Income Tax Act based on tangible incriminating material, dismissing the appellant's challenge. It confirmed the purchases as non-genuine under section 69C due to substantial evidence of non-existence of parties and lack of proof, supporting the AO's findings. The Tribunal maintained the 12.5% disallowance for alleged bogus purchases, citing legal precedents and declining to increase the percentage since the Revenue did not appeal. The appeal was dismissed, emphasizing the significance of concrete evidence and legal backing for the decisions. Case-Laws Income Tax Mon, 02 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362822