https://www.taxtmi.com/caselaws?id=370161 The Tribunal upheld the additions made by the Commissioner of Income-Tax (Appeals) against alleged bogus purchases for Assessment Year 2011-12. Reassessment proceedings were deemed valid based on information from the Sales Tax Department, Maharashtra. The Tribunal found the Income Tax Officer had tangible reasons to believe income had escaped assessment. Despite the assessee's defense with documentary evidence, lack of satisfactory responses and doubts on transactions led to upholding the additions to account for the profit element in the purchase transactions. The Tribunal dismissed the assessee's appeal, affirming the additions on 22nd June 2018. en-us Fri, 22 Jun 2018 00:00:00 +0530 Mon, 12 Nov 2018 07:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370161 The Tribunal upheld the additions made by the Commissioner of Income-Tax (Appeals) against alleged bogus purchases for Assessment Year 2011-12. Reassessment proceedings were deemed valid based on information from the Sales Tax Department, Maharashtra. The Tribunal found the Income Tax Officer had tangible reasons to believe income had escaped assessment. Despite the assessee's defense with documentary evidence, lack of satisfactory responses and doubts on transactions led to upholding the additions to account for the profit element in the purchase transactions. The Tribunal dismissed the assessee's appeal, affirming the additions on 22nd June 2018. Case-Laws Income Tax Fri, 22 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370161