https://www.taxtmi.com/caselaws?id=403573 The tribunal upheld the reopening of the assessment under Section 148 based on specific information received by the Assessing Officer (A.O.), despite the assessee's challenge. The rejection of books of accounts under Section 145(3) was upheld, but the trading addition made by applying a GP rate of 12% was deleted. The tribunal found the GP rate unjustified due to the change in the nature of the business and the provided documentation. The appeal of the assessee was partly allowed, and the revenue's appeal was dismissed, emphasizing the importance of independent verification by the A.O. before concluding income has escaped assessment. en-us Mon, 18 Jan 2021 00:00:00 +0530 Mon, 01 Feb 2021 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403573 The tribunal upheld the reopening of the assessment under Section 148 based on specific information received by the Assessing Officer (A.O.), despite the assessee's challenge. The rejection of books of accounts under Section 145(3) was upheld, but the trading addition made by applying a GP rate of 12% was deleted. The tribunal found the GP rate unjustified due to the change in the nature of the business and the provided documentation. The appeal of the assessee was partly allowed, and the revenue's appeal was dismissed, emphasizing the importance of independent verification by the A.O. before concluding income has escaped assessment. Case-Laws Income Tax Mon, 18 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403573