https://www.taxtmi.com/caselaws?id=284021 The Tribunal upheld the validity of the reopening of assessment proceedings under section 147, stating that the Assessing Officer had jurisdiction to issue the notice after recording reasons. The Tribunal confirmed the deletion of disallowances made by the AO, agreeing that the transactions were not genuine. The computation of income at 0.25% of turnover was upheld, and the Tribunal dismissed appeals from both the Assessee and Revenue for the relevant assessment years. en-us Fri, 05 Apr 2013 00:00:00 +0530 Wed, 23 Oct 2019 17:44:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284021 The Tribunal upheld the validity of the reopening of assessment proceedings under section 147, stating that the Assessing Officer had jurisdiction to issue the notice after recording reasons. The Tribunal confirmed the deletion of disallowances made by the AO, agreeing that the transactions were not genuine. The computation of income at 0.25% of turnover was upheld, and the Tribunal dismissed appeals from both the Assessee and Revenue for the relevant assessment years. Case-Laws Income Tax Fri, 05 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284021