https://www.taxtmi.com/caselaws?id=406520 The reassessment proceedings were deemed valid as reasons for reopening were supplied to the assessee, rejecting the claim of invalidity. Regarding unaccounted sales, the Gross Profit addition was reduced to Rs. 17,20,563/- after rectifying the GP rate. An addition of Rs. 26,25,000/- based on a sham transaction was upheld due to failure to disprove its nature. Disallowance of foreign commission was overturned as the income was not taxable in India. Lastly, an addition based on income discrepancies was partially upheld, resulting in dismissal of appeals for certain years and partial allowance for others. en-us Wed, 07 Apr 2021 00:00:00 +0530 Thu, 15 Apr 2021 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406520 The reassessment proceedings were deemed valid as reasons for reopening were supplied to the assessee, rejecting the claim of invalidity. Regarding unaccounted sales, the Gross Profit addition was reduced to Rs. 17,20,563/- after rectifying the GP rate. An addition of Rs. 26,25,000/- based on a sham transaction was upheld due to failure to disprove its nature. Disallowance of foreign commission was overturned as the income was not taxable in India. Lastly, an addition based on income discrepancies was partially upheld, resulting in dismissal of appeals for certain years and partial allowance for others. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406520