https://www.taxtmi.com/caselaws?id=409825 The Tribunal upheld the addition of bogus purchases of diamonds for AY 2007-08, dismissing the assessee's appeal. For AY 2008-09, the Tribunal allowed the Revenue's appeal, confirming the addition of bogus purchases. The Tribunal emphasized the lack of genuine transactions and the failure to maintain proper stock records. The validity of the reopening of assessments under Section 147 was upheld due to information received from the investigation wing. en-us Thu, 08 Jul 2021 00:00:00 +0530 Sat, 17 Jul 2021 22:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409825 The Tribunal upheld the addition of bogus purchases of diamonds for AY 2007-08, dismissing the assessee's appeal. For AY 2008-09, the Tribunal allowed the Revenue's appeal, confirming the addition of bogus purchases. The Tribunal emphasized the lack of genuine transactions and the failure to maintain proper stock records. The validity of the reopening of assessments under Section 147 was upheld due to information received from the investigation wing. Case-Laws Income Tax Thu, 08 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409825