https://www.taxtmi.com/caselaws?id=390461 The Tribunal upheld the validity of reassessment proceedings under Section 147, citing tangible material from the investigation wing and rejecting the assessee's argument of lack of independent verification. The addition under Section 69C for alleged bogus purchases was sustained at 3% of total purchases, considering the profit element and business context. The Tribunal dismissed appeals for all assessment years, emphasizing the importance of tangible material for reassessment and the need to estimate profit on bogus purchases in line with judicial precedents. en-us Thu, 03 Oct 2019 00:00:00 +0530 Fri, 03 Jan 2020 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390461 The Tribunal upheld the validity of reassessment proceedings under Section 147, citing tangible material from the investigation wing and rejecting the assessee's argument of lack of independent verification. The addition under Section 69C for alleged bogus purchases was sustained at 3% of total purchases, considering the profit element and business context. The Tribunal dismissed appeals for all assessment years, emphasizing the importance of tangible material for reassessment and the need to estimate profit on bogus purchases in line with judicial precedents. Case-Laws Income Tax Thu, 03 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390461