https://www.taxtmi.com/caselaws?id=369557 The Appellate Tribunal upheld the reopening of the assessment for AY 2009-10 based on information regarding bogus purchase bills. It allowed reassessment on related issues under section 147 of the Income Tax Act. The Tribunal restricted the disallowance on disputed purchases to 12.5% of the profit element. It supported treating unsold flats as stock-in-trade, following laws favoring the taxpayer. The Tribunal partially allowed the disallowance under section 14A r.w. Rule 8D, based on reserves and surplus. The appeal for AY 2009-10 was dismissed, while partly allowed for AY 2011-12. en-us Fri, 31 Aug 2018 00:00:00 +0530 Tue, 30 Oct 2018 20:01:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369557 The Appellate Tribunal upheld the reopening of the assessment for AY 2009-10 based on information regarding bogus purchase bills. It allowed reassessment on related issues under section 147 of the Income Tax Act. The Tribunal restricted the disallowance on disputed purchases to 12.5% of the profit element. It supported treating unsold flats as stock-in-trade, following laws favoring the taxpayer. The Tribunal partially allowed the disallowance under section 14A r.w. Rule 8D, based on reserves and surplus. The appeal for AY 2009-10 was dismissed, while partly allowed for AY 2011-12. Case-Laws Income Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369557