https://www.taxtmi.com/caselaws?id=294312 The appellate tribunal partially allowed the appeal, modifying the addition of the profit element in purchases and dismissing the legal grounds related to the reassessment validity. The penalty proceedings issue was deemed premature and not addressed in the final decision. The reassessment under section 147 of the Income Tax Act, 1961 was upheld based on tangible material suggesting income escapement. The judgment was pronounced on 9th September 2019 by the Appellate Tribunal ITAT Mumbai. en-us Mon, 09 Sep 2019 00:00:00 +0530 Mon, 05 Apr 2021 19:50:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294312 The appellate tribunal partially allowed the appeal, modifying the addition of the profit element in purchases and dismissing the legal grounds related to the reassessment validity. The penalty proceedings issue was deemed premature and not addressed in the final decision. The reassessment under section 147 of the Income Tax Act, 1961 was upheld based on tangible material suggesting income escapement. The judgment was pronounced on 9th September 2019 by the Appellate Tribunal ITAT Mumbai. Case-Laws Income Tax Mon, 09 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294312