https://www.taxtmi.com/caselaws?id=397715 The appellate authority partially allowed the appeals of the assessee in a case involving the addition of non-genuine purchases and the reopening of completed assessments under section 147 of the Income Tax Act. The judgment emphasized the necessity of providing essential documents to prove the genuineness of transactions and justified the profit rate estimation on bogus bills. Despite challenges raised by the appellant regarding the reopening of assessments, the court upheld the addition made by the Assessing Officer, citing benefits derived from accommodation entries. The decision was supported by relevant legal precedents, concluding in favor of partially allowing the appeals. en-us Mon, 01 Jun 2020 00:00:00 +0530 Thu, 27 Aug 2020 11:10:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397715 The appellate authority partially allowed the appeals of the assessee in a case involving the addition of non-genuine purchases and the reopening of completed assessments under section 147 of the Income Tax Act. The judgment emphasized the necessity of providing essential documents to prove the genuineness of transactions and justified the profit rate estimation on bogus bills. Despite challenges raised by the appellant regarding the reopening of assessments, the court upheld the addition made by the Assessing Officer, citing benefits derived from accommodation entries. The decision was supported by relevant legal precedents, concluding in favor of partially allowing the appeals. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397715