https://www.taxtmi.com/caselaws?id=286116 The Tribunal set aside the reassessment notice issued under Section 148 of the Income Tax Act, as it was found to be invalid due to lack of concrete reasons for income escaping assessment at the time of issuance. The disallowance of alleged bogus purchases was also overturned, as the assessee provided sufficient evidence supporting the genuineness of the transactions. However, the disallowance of 10% of business expenses treated as personal in nature was upheld, resulting in a partial win for the assessee. The revenue's appeal was dismissed, and the decision was pronounced on 21.02.2018. en-us Wed, 21 Feb 2018 00:00:00 +0530 Thu, 13 Feb 2020 08:13:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286116 The Tribunal set aside the reassessment notice issued under Section 148 of the Income Tax Act, as it was found to be invalid due to lack of concrete reasons for income escaping assessment at the time of issuance. The disallowance of alleged bogus purchases was also overturned, as the assessee provided sufficient evidence supporting the genuineness of the transactions. However, the disallowance of 10% of business expenses treated as personal in nature was upheld, resulting in a partial win for the assessee. The revenue's appeal was dismissed, and the decision was pronounced on 21.02.2018. Case-Laws Income Tax Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286116