https://www.taxtmi.com/caselaws?id=387241 The Tribunal upheld the Assessing Officer's decision to reopen the assessment beyond the four-year period based on information received from the Sales Tax Department, dismissing the appellant's contention that the notice lacked tangible material. Regarding the disallowance of purchases made from two parties, the Tribunal directed the AO to restrict the additions to align the gross profit rate on disputed purchases with genuine ones, partially allowing the appeals. The decision was supported by the nature of the appellant's business, legal precedents, and a reasonable profit estimation. en-us Wed, 28 Aug 2019 00:00:00 +0530 Sat, 19 Oct 2019 15:58:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387241 The Tribunal upheld the Assessing Officer's decision to reopen the assessment beyond the four-year period based on information received from the Sales Tax Department, dismissing the appellant's contention that the notice lacked tangible material. Regarding the disallowance of purchases made from two parties, the Tribunal directed the AO to restrict the additions to align the gross profit rate on disputed purchases with genuine ones, partially allowing the appeals. The decision was supported by the nature of the appellant's business, legal precedents, and a reasonable profit estimation. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387241