https://www.taxtmi.com/caselaws?id=389861 Reassessment based on information from the Investigation Wing was upheld because the recorded reasons showed a belief that income had escaped assessment, and the assessee did not establish any jurisdictional defect or absence of reasons to believe. On the bogus purchase issue, the assessee failed to prove supplier genuineness, but the sales were accepted, books contained quantitative details, and payments were made through banking channels. In these circumstances, the entire purchase value was not added; only the profit element embedded in the alleged bogus purchases was disallowed, and the estimate was reduced to 2%. en-us Mon, 16 Sep 2019 00:00:00 +0530 Wed, 18 Dec 2019 14:20:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389861 Reassessment based on information from the Investigation Wing was upheld because the recorded reasons showed a belief that income had escaped assessment, and the assessee did not establish any jurisdictional defect or absence of reasons to believe. On the bogus purchase issue, the assessee failed to prove supplier genuineness, but the sales were accepted, books contained quantitative details, and payments were made through banking channels. In these circumstances, the entire purchase value was not added; only the profit element embedded in the alleged bogus purchases was disallowed, and the estimate was reduced to 2%. Case-Laws Income Tax Mon, 16 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389861