https://www.taxtmi.com/caselaws?id=394658 The Tribunal upheld the reassessment proceedings under section 147 of the Act for a partnership firm engaged in the builder and developer business. The additions towards alleged bogus purchases were supported, with the Tribunal emphasizing the need for substantial evidence to justify such actions. The Tribunal directed the assessing officer to estimate 12.50% profit on the alleged bogus purchases based on the lack of conclusive evidence from both parties and the importance of evidence-based decisions in such cases. en-us Mon, 10 Feb 2020 00:00:00 +0530 Mon, 20 Apr 2020 12:54:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394658 The Tribunal upheld the reassessment proceedings under section 147 of the Act for a partnership firm engaged in the builder and developer business. The additions towards alleged bogus purchases were supported, with the Tribunal emphasizing the need for substantial evidence to justify such actions. The Tribunal directed the assessing officer to estimate 12.50% profit on the alleged bogus purchases based on the lack of conclusive evidence from both parties and the importance of evidence-based decisions in such cases. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394658