https://www.taxtmi.com/caselaws?id=392060 The Tribunal upheld the validity of re-opening the assessment under Section 147 due to new material revealing income escapement from non-genuine purchases. Despite initial rejection by the Assessing Officer, the Tribunal accepted the genuineness of purchases based on documentary evidence provided by the assessee, leading to the deletion of additions. Citing consistent judicial precedents, the Tribunal allowed the assessee's appeals and dismissed the Revenue's appeals, emphasizing the importance of valid documentation in proving the genuineness of transactions. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 13 Feb 2020 08:10:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392060 The Tribunal upheld the validity of re-opening the assessment under Section 147 due to new material revealing income escapement from non-genuine purchases. Despite initial rejection by the Assessing Officer, the Tribunal accepted the genuineness of purchases based on documentary evidence provided by the assessee, leading to the deletion of additions. Citing consistent judicial precedents, the Tribunal allowed the assessee's appeals and dismissed the Revenue's appeals, emphasizing the importance of valid documentation in proving the genuineness of transactions. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392060