https://www.taxtmi.com/caselaws?id=371414 The ITAT upheld the disallowance of 12.5% of bogus purchases, confirming the validity of reopening the assessment based on information from the Investigation Wing. The purchases were deemed non-genuine due to lack of evidence and non-existence of suppliers, supported by precedents from higher courts. The ITAT dismissed the appeal, emphasizing the importance of tangible information for reopening assessments and the need for concrete evidence to substantiate transactions. en-us Thu, 04 Oct 2018 00:00:00 +0530 Mon, 03 Dec 2018 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371414 The ITAT upheld the disallowance of 12.5% of bogus purchases, confirming the validity of reopening the assessment based on information from the Investigation Wing. The purchases were deemed non-genuine due to lack of evidence and non-existence of suppliers, supported by precedents from higher courts. The ITAT dismissed the appeal, emphasizing the importance of tangible information for reopening assessments and the need for concrete evidence to substantiate transactions. Case-Laws Income Tax Thu, 04 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371414