https://www.taxtmi.com/caselaws?id=407177 The Tribunal set aside the assessment order due to lack of jurisdiction in reopening the assessment as the permission was granted by the Additional Commissioner of Income Tax instead of the required Commissioner/Chief Commissioner. The Tribunal dismissed the revenue's appeal, upheld the CIT(A)'s decision to estimate a 3% profit margin on alleged bogus purchases, and rejected the addition based on peak credit. The decision highlighted the significance of complying with statutory provisions and the need for corroborative evidence in cases involving alleged bogus transactions. en-us Thu, 14 Jan 2021 00:00:00 +0530 Mon, 03 May 2021 08:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407177 The Tribunal set aside the assessment order due to lack of jurisdiction in reopening the assessment as the permission was granted by the Additional Commissioner of Income Tax instead of the required Commissioner/Chief Commissioner. The Tribunal dismissed the revenue's appeal, upheld the CIT(A)'s decision to estimate a 3% profit margin on alleged bogus purchases, and rejected the addition based on peak credit. The decision highlighted the significance of complying with statutory provisions and the need for corroborative evidence in cases involving alleged bogus transactions. Case-Laws Income Tax Thu, 14 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407177