https://www.taxtmi.com/caselaws?id=294423 The Tribunal quashed the reassessment proceedings for AY 2009-10, ruling that the AO cannot add income for items not included in the reopening reasons. For AY 2010-11, the Tribunal found the AO's 10% profit estimation on alleged bogus purchases excessive due to lack of proper inquiry and reduced it to 4%, modifying the CIT(A) order. The Tribunal's decisions reflect a balanced application of legal principles, ensuring justice by addressing procedural and substantive issues in the assessment process. en-us Wed, 23 Aug 2017 00:00:00 +0530 Tue, 12 Nov 2024 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294423 The Tribunal quashed the reassessment proceedings for AY 2009-10, ruling that the AO cannot add income for items not included in the reopening reasons. For AY 2010-11, the Tribunal found the AO's 10% profit estimation on alleged bogus purchases excessive due to lack of proper inquiry and reduced it to 4%, modifying the CIT(A) order. The Tribunal's decisions reflect a balanced application of legal principles, ensuring justice by addressing procedural and substantive issues in the assessment process. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294423