https://www.taxtmi.com/caselaws?id=284791 The High Court upheld the validity of the reassessment for AY 2006-07 based on fresh tangible material, directing the ITAT to review the appeal. The ITAT overturned the addition of Rs. 79,86,868 for alleged bogus purchases, emphasizing the assessee's proper record-keeping. Additionally, the ITAT rejected enhancements for commission and profit understatement, citing lack of concrete evidence and violation of natural justice principles. Criticizing reliance on unverified statements, the ITAT annulled all additions, stressing the importance of fair procedure and substantial evidence in tax assessments. en-us Wed, 31 Oct 2018 00:00:00 +0530 Tue, 10 Dec 2019 20:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284791 The High Court upheld the validity of the reassessment for AY 2006-07 based on fresh tangible material, directing the ITAT to review the appeal. The ITAT overturned the addition of Rs. 79,86,868 for alleged bogus purchases, emphasizing the assessee's proper record-keeping. Additionally, the ITAT rejected enhancements for commission and profit understatement, citing lack of concrete evidence and violation of natural justice principles. Criticizing reliance on unverified statements, the ITAT annulled all additions, stressing the importance of fair procedure and substantial evidence in tax assessments. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284791