https://www.taxtmi.com/caselaws?id=287277 The Tribunal upheld the CIT(A)'s decision to reopen the assessment under Section 147 of the Income-tax Act, 1961, based on information from the Sales Tax Department indicating bogus purchases. Additionally, the Tribunal affirmed the addition of 12.5% of the alleged bogus purchases as suppressed profit, citing the lack of evidence provided by the assessee to substantiate the genuineness of the transactions. The Tribunal emphasized consistency with its previous decision for the assessee's case in the prior assessment year and dismissed the appeal, pronouncing the order on 03.07.2019. en-us Wed, 03 Jul 2019 00:00:00 +0530 Tue, 07 Apr 2020 09:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287277 The Tribunal upheld the CIT(A)'s decision to reopen the assessment under Section 147 of the Income-tax Act, 1961, based on information from the Sales Tax Department indicating bogus purchases. Additionally, the Tribunal affirmed the addition of 12.5% of the alleged bogus purchases as suppressed profit, citing the lack of evidence provided by the assessee to substantiate the genuineness of the transactions. The Tribunal emphasized consistency with its previous decision for the assessee's case in the prior assessment year and dismissed the appeal, pronouncing the order on 03.07.2019. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287277