https://www.taxtmi.com/caselaws?id=396191 The Tribunal upheld the initiation of proceedings under Section 148 of the Income Tax Act, 1961, based on information from the Investigation Wing indicating bogus purchases. The Tribunal revised the Gross Profit (GP) rates applied by the CIT(A) for various assessment years, considering past averages. Appeals by the Revenue were dismissed due to low tax effect, except for A.Y 2012-13 where the assessee's appeal was allowed. The Tribunal partly allowed appeals for other years, adjusting GP rates based on past averages. en-us Fri, 19 Jun 2020 00:00:00 +0530 Wed, 24 Jun 2020 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396191 The Tribunal upheld the initiation of proceedings under Section 148 of the Income Tax Act, 1961, based on information from the Investigation Wing indicating bogus purchases. The Tribunal revised the Gross Profit (GP) rates applied by the CIT(A) for various assessment years, considering past averages. Appeals by the Revenue were dismissed due to low tax effect, except for A.Y 2012-13 where the assessee's appeal was allowed. The Tribunal partly allowed appeals for other years, adjusting GP rates based on past averages. Case-Laws Income Tax Fri, 19 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396191