https://www.taxtmi.com/caselaws?id=275500 The Tribunal upheld the reassessment proceedings under Section 147 of the Income Tax Act, citing new material from external agencies as valid grounds for reopening. It also affirmed the disallowance of non-genuine purchases amounting to Rs. 6,46,545/-, based on a 12.5% profit margin estimation. Additionally, the Tribunal upheld the charging of interest under Sections 234A, 234B, 234C & 234D and the initiation of penalty proceedings under Section 271(1)(c) for inaccurate income particulars. The Tribunal dismissed the assessee's appeal entirely, supporting the AO's actions and the CIT(A)'s decision. en-us Fri, 20 Jul 2018 00:00:00 +0530 Fri, 05 Oct 2018 07:33:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275500 The Tribunal upheld the reassessment proceedings under Section 147 of the Income Tax Act, citing new material from external agencies as valid grounds for reopening. It also affirmed the disallowance of non-genuine purchases amounting to Rs. 6,46,545/-, based on a 12.5% profit margin estimation. Additionally, the Tribunal upheld the charging of interest under Sections 234A, 234B, 234C & 234D and the initiation of penalty proceedings under Section 271(1)(c) for inaccurate income particulars. The Tribunal dismissed the assessee's appeal entirely, supporting the AO's actions and the CIT(A)'s decision. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275500