https://www.taxtmi.com/caselaws?id=384255 The Tribunal invalidated the reopening of the assessment due to lack of jurisdictional requirements and "borrowed satisfaction." The additions towards alleged bogus purchases were reduced to 12.5% of the amount, considering provided documentation and lack of discrepancies in accounts. The estimation of profit on these purchases became irrelevant following the quashing of the reassessment order. The appeal by the assessee was allowed, leading to the dismissal of the revenue's appeal. en-us Wed, 31 Jul 2019 00:00:00 +0530 Thu, 08 Aug 2019 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384255 The Tribunal invalidated the reopening of the assessment due to lack of jurisdictional requirements and "borrowed satisfaction." The additions towards alleged bogus purchases were reduced to 12.5% of the amount, considering provided documentation and lack of discrepancies in accounts. The estimation of profit on these purchases became irrelevant following the quashing of the reassessment order. The appeal by the assessee was allowed, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384255