https://www.taxtmi.com/caselaws?id=403535 The Tribunal upheld the initiation of reassessment proceedings under Section 148. The rejection of books of accounts under Section 145(3) was justified based on unverifiable purchases. The Tribunal directed the deletion of the trading addition made by applying a 12% G.P. rate and upheld the declared G.P. rate of 9.34%, providing relief to the assessee. The appeal of the assessee was partly allowed, and the appeal of the Revenue was dismissed. en-us Mon, 18 Jan 2021 00:00:00 +0530 Sat, 30 Jan 2021 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403535 The Tribunal upheld the initiation of reassessment proceedings under Section 148. The rejection of books of accounts under Section 145(3) was justified based on unverifiable purchases. The Tribunal directed the deletion of the trading addition made by applying a 12% G.P. rate and upheld the declared G.P. rate of 9.34%, providing relief to the assessee. The appeal of the assessee was partly allowed, and the appeal of the Revenue was dismissed. Case-Laws Income Tax Mon, 18 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403535