https://www.taxtmi.com/caselaws?id=397411 The Tribunal upheld the reopening of assessment under section 147 of the IT Act, finding sufficient cause to believe income had escaped assessment based on tangible material. The appeal challenging the reopening was dismissed. Regarding the addition of estimated profit on alleged non-genuine purchases, the Tribunal restricted the profit addition to 5% instead of 12.5%, as the appellant failed to conclusively prove the genuineness of purchases. The judgment partially allowed the appeal, addressing legal interpretations for both issues. en-us Tue, 16 Jun 2020 00:00:00 +0530 Tue, 18 Aug 2020 07:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397411 The Tribunal upheld the reopening of assessment under section 147 of the IT Act, finding sufficient cause to believe income had escaped assessment based on tangible material. The appeal challenging the reopening was dismissed. Regarding the addition of estimated profit on alleged non-genuine purchases, the Tribunal restricted the profit addition to 5% instead of 12.5%, as the appellant failed to conclusively prove the genuineness of purchases. The judgment partially allowed the appeal, addressing legal interpretations for both issues. Case-Laws Income Tax Tue, 16 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397411