https://www.taxtmi.com/caselaws?id=397172 The Tribunal partly allowed the appeal, directing the addition of the profit element of the disputed purchase amount as income. The reopening u/s.148 was upheld as valid, dismissing the challenge against the jurisdiction accorded. The judgment focused on the specifics of the bogus purchase issue, emphasizing the importance of considering the source of purchases and the recording in books of account while determining the treatment of such transactions. en-us Thu, 05 Mar 2020 00:00:00 +0530 Fri, 21 Aug 2020 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397172 The Tribunal partly allowed the appeal, directing the addition of the profit element of the disputed purchase amount as income. The reopening u/s.148 was upheld as valid, dismissing the challenge against the jurisdiction accorded. The judgment focused on the specifics of the bogus purchase issue, emphasizing the importance of considering the source of purchases and the recording in books of account while determining the treatment of such transactions. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397172