https://www.taxtmi.com/caselaws?id=286244 The appellant challenged the validity of assessment reopening under section 147 of the Income Tax Act but later withdrew the challenge. The issue was dismissed. Regarding the addition made by the AO applying a 12.5% profit rate on bogus purchases, the appellant, a steel trading firm, faced allegations of purchasing from hawala parties. Despite submitting evidence, the AO added 12.5% to the unverified purchase amount. The Tribunal directed the AO to adjust the profit rate based on the variance between profit percentages on bogus and genuine purchases, following a Bombay High Court ruling, partially allowing the appeal. en-us Tue, 07 May 2019 00:00:00 +0530 Tue, 18 Feb 2020 08:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286244 The appellant challenged the validity of assessment reopening under section 147 of the Income Tax Act but later withdrew the challenge. The issue was dismissed. Regarding the addition made by the AO applying a 12.5% profit rate on bogus purchases, the appellant, a steel trading firm, faced allegations of purchasing from hawala parties. Despite submitting evidence, the AO added 12.5% to the unverified purchase amount. The Tribunal directed the AO to adjust the profit rate based on the variance between profit percentages on bogus and genuine purchases, following a Bombay High Court ruling, partially allowing the appeal. Case-Laws Income Tax Tue, 07 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286244