https://www.taxtmi.com/caselaws?id=380583 The appeal contested the validity of reassessment proceedings under section 147, which were upheld due to tangible information suggesting income escapement. Alleged bogus purchases were added as unexplained investment, with the Tribunal reducing the estimation to 5% of the purchases. The rejection of books of accounts and estimation of profit on purchases were based on failure to substantiate transactions, resulting in partial allowance of the appeal. Interest charged and penalty provisions were deemed mandatory and dismissed. The appeal was partly allowed, with the order pronounced on 16/05/2019. en-us Thu, 16 May 2019 00:00:00 +0530 Thu, 23 May 2019 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380583 The appeal contested the validity of reassessment proceedings under section 147, which were upheld due to tangible information suggesting income escapement. Alleged bogus purchases were added as unexplained investment, with the Tribunal reducing the estimation to 5% of the purchases. The rejection of books of accounts and estimation of profit on purchases were based on failure to substantiate transactions, resulting in partial allowance of the appeal. Interest charged and penalty provisions were deemed mandatory and dismissed. The appeal was partly allowed, with the order pronounced on 16/05/2019. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380583