https://www.taxtmi.com/caselaws?id=403424 The Tribunal upheld the reopening of assessment, dismissed the appeal on disallowance of bogus purchases for lacking merit, and partly allowed the appeal on disallowance of interest under section 36(1)(iii) of the Act. The disallowance on bogus purchases was reduced to 6% of estimated GP due to lack of essential documents, and the interest disallowance issue was remanded back to the Assessing Officer for further review based on business purpose evidence. en-us Thu, 12 Nov 2020 00:00:00 +0530 Fri, 29 Jan 2021 13:31:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403424 The Tribunal upheld the reopening of assessment, dismissed the appeal on disallowance of bogus purchases for lacking merit, and partly allowed the appeal on disallowance of interest under section 36(1)(iii) of the Act. The disallowance on bogus purchases was reduced to 6% of estimated GP due to lack of essential documents, and the interest disallowance issue was remanded back to the Assessing Officer for further review based on business purpose evidence. Case-Laws Income Tax Thu, 12 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403424