https://www.taxtmi.com/caselaws?id=406548 The appeal challenged the reopening of assessment under Sec. 147 of the Income Tax Act and the disallowance of purchases from a specific party as alleged bogus. The tribunal found in favor of the assessee, ruling that the purchases were likely from the open market and not bogus. The CIT(A)'s decision was set aside, and the matter was remanded to the Assessing Officer for adjustments based on the tribunal's directions. en-us Thu, 04 Feb 2021 00:00:00 +0530 Sat, 17 Apr 2021 11:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406548 The appeal challenged the reopening of assessment under Sec. 147 of the Income Tax Act and the disallowance of purchases from a specific party as alleged bogus. The tribunal found in favor of the assessee, ruling that the purchases were likely from the open market and not bogus. The CIT(A)'s decision was set aside, and the matter was remanded to the Assessing Officer for adjustments based on the tribunal's directions. Case-Laws Income Tax Thu, 04 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406548