https://www.taxtmi.com/caselaws?id=293897 The Tribunal upheld the reopening of the assessment under section 147, finding the reasons recorded by the Assessing Officer justified. Regarding the addition of alleged bogus purchases, the Tribunal limited the addition to 2% of the purchases, considering the appellant's consistent Gross Profit ratio and supporting documentation. The Tribunal disagreed with the CIT(A)'s restriction to 12.5% and partially allowed the appellant's appeal, directing the addition to be restricted to 2% of the alleged bogus purchases. en-us Thu, 26 Oct 2017 00:00:00 +0530 Mon, 08 Mar 2021 19:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293897 The Tribunal upheld the reopening of the assessment under section 147, finding the reasons recorded by the Assessing Officer justified. Regarding the addition of alleged bogus purchases, the Tribunal limited the addition to 2% of the purchases, considering the appellant's consistent Gross Profit ratio and supporting documentation. The Tribunal disagreed with the CIT(A)'s restriction to 12.5% and partially allowed the appellant's appeal, directing the addition to be restricted to 2% of the alleged bogus purchases. Case-Laws Income Tax Thu, 26 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293897