https://www.taxtmi.com/caselaws?id=398544 The Appellate Tribunal upheld the reopening of assessment under section 147 of the Income Tax Act based on information received from the sales tax department regarding alleged bogus purchases. The Tribunal adjusted the profit estimation on the alleged bogus purchases to 3% of the purchases in line with the appellant's declared gross profit ratios. The appeal was partially allowed, directing the assessing officer to estimate income at 3% of the alleged purchases. en-us Wed, 20 May 2020 00:00:00 +0530 Fri, 18 Sep 2020 17:30:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398544 The Appellate Tribunal upheld the reopening of assessment under section 147 of the Income Tax Act based on information received from the sales tax department regarding alleged bogus purchases. The Tribunal adjusted the profit estimation on the alleged bogus purchases to 3% of the purchases in line with the appellant's declared gross profit ratios. The appeal was partially allowed, directing the assessing officer to estimate income at 3% of the alleged purchases. Case-Laws Income Tax Wed, 20 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398544