https://www.taxtmi.com/caselaws?id=290465 The Tribunal held that the reassessment made under section 143(3) read with section 147 for A.Y. 2010-11 was bad in law and void ab initio as there was no failure on the part of the assessee to disclose all material facts necessary for assessment. However, for A.Ys. 2011-12 and 2012-13, the Tribunal upheld the reopening based on tangible materials. Regarding the validity of additions based on alleged bogus purchases for A.Ys. 2011-12, 2012-13, and 2013-14, the Tribunal directed the Assessing Officer to estimate the profit element at 3% of the purchases treated as non-genuine. en-us Mon, 30 Sep 2019 00:00:00 +0530 Mon, 28 Sep 2020 20:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290465 The Tribunal held that the reassessment made under section 143(3) read with section 147 for A.Y. 2010-11 was bad in law and void ab initio as there was no failure on the part of the assessee to disclose all material facts necessary for assessment. However, for A.Ys. 2011-12 and 2012-13, the Tribunal upheld the reopening based on tangible materials. Regarding the validity of additions based on alleged bogus purchases for A.Ys. 2011-12, 2012-13, and 2013-14, the Tribunal directed the Assessing Officer to estimate the profit element at 3% of the purchases treated as non-genuine. Case-Laws Income Tax Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290465