https://www.taxtmi.com/caselaws?id=395861 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to estimate the profit element embedded in alleged bogus purchases at 12.5%. The Tribunal rejected the assessee's challenge to the reopening of the assessment, finding the Assessing Officer had valid reasons based on fresh material. The Tribunal dismissed the appeals for the assessment years 2009-10 and 2011-12, concluding that the profit estimation was reasonable and supported by relevant legal precedents. en-us Fri, 14 Feb 2020 00:00:00 +0530 Wed, 10 Jun 2020 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395861 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to estimate the profit element embedded in alleged bogus purchases at 12.5%. The Tribunal rejected the assessee's challenge to the reopening of the assessment, finding the Assessing Officer had valid reasons based on fresh material. The Tribunal dismissed the appeals for the assessment years 2009-10 and 2011-12, concluding that the profit estimation was reasonable and supported by relevant legal precedents. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395861