https://www.taxtmi.com/caselaws?id=370974 The ITAT upheld the AO's decision to disallow a percentage of bogus purchases made by the assessee from suspicious dealers, justifying the reopening of assessment. Citing tangible material and lack of evidence from the assessee, the ITAT dismissed the appeals for one year and partly allowed for others, directing a 6.5% disallowance for all years based on legal principles and fairness. The tribunal emphasized the need for a prima facie belief in income escapement and highlighted the lack of proof of genuine purchases, ultimately maintaining the disallowance percentage across the assessment years. en-us Fri, 05 Oct 2018 00:00:00 +0530 Tue, 27 Nov 2018 06:39:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370974 The ITAT upheld the AO's decision to disallow a percentage of bogus purchases made by the assessee from suspicious dealers, justifying the reopening of assessment. Citing tangible material and lack of evidence from the assessee, the ITAT dismissed the appeals for one year and partly allowed for others, directing a 6.5% disallowance for all years based on legal principles and fairness. The tribunal emphasized the need for a prima facie belief in income escapement and highlighted the lack of proof of genuine purchases, ultimately maintaining the disallowance percentage across the assessment years. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370974