https://www.taxtmi.com/caselaws?id=287185 The ITAT Mumbai upheld the reopening of assessment for A.Ys. 2009-10 & 2010-11 based on information from DGIT investigation. The ITAT also confirmed the CIT(A)'s decision to restrict the profit rate on unverified purchases at 25%, citing lack of evidence supporting purchases from listed hawala parties. The appeals challenging these decisions were dismissed, with the ITAT finding the CIT(A)'s estimation of profit rate reasonable. en-us Fri, 04 Aug 2017 00:00:00 +0530 Fri, 03 Apr 2020 10:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287185 The ITAT Mumbai upheld the reopening of assessment for A.Ys. 2009-10 & 2010-11 based on information from DGIT investigation. The ITAT also confirmed the CIT(A)'s decision to restrict the profit rate on unverified purchases at 25%, citing lack of evidence supporting purchases from listed hawala parties. The appeals challenging these decisions were dismissed, with the ITAT finding the CIT(A)'s estimation of profit rate reasonable. Case-Laws Income Tax Fri, 04 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287185