https://www.taxtmi.com/caselaws?id=400766 The appellate tribunal upheld the reopening of assessment under section 147 of the Income Tax Act for the assessment year 2007-08, citing tangible materials obtained later by the Assessing Officer. The tribunal affirmed the treatment of purchases as non-genuine, directing the estimation of profit at 4% and income recomputation. Additionally, the tribunal sustained 70% of the income addition made by the Assessing Officer, disallowing expenses to 30% of alleged bogus purchases. The penalty under section 271(1)(c) and interest charges under sections 234A-D were likely upheld, given the overall findings and decisions of the tribunal. en-us Fri, 13 Nov 2020 00:00:00 +0530 Wed, 18 Nov 2020 10:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400766 The appellate tribunal upheld the reopening of assessment under section 147 of the Income Tax Act for the assessment year 2007-08, citing tangible materials obtained later by the Assessing Officer. The tribunal affirmed the treatment of purchases as non-genuine, directing the estimation of profit at 4% and income recomputation. Additionally, the tribunal sustained 70% of the income addition made by the Assessing Officer, disallowing expenses to 30% of alleged bogus purchases. The penalty under section 271(1)(c) and interest charges under sections 234A-D were likely upheld, given the overall findings and decisions of the tribunal. Case-Laws Income Tax Fri, 13 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400766