https://www.taxtmi.com/caselaws?id=297135 The Tribunal dismissed the appeal regarding the jurisdiction of notice under section 148 of the Income Tax Act, upholding the reopening of assessment based on escapement of taxable income. However, the Tribunal allowed the appeal against the addition of Rs. 2,81,572 as 3% of purchases deemed bogus, finding the AO's estimation unwarranted and setting aside the CIT(A)'s order. The assessee provided evidence supporting the genuineness of transactions, leading to the Tribunal's decision in favor of the assessee on this issue. en-us Thu, 28 Feb 2019 00:00:00 +0530 Sat, 21 Aug 2021 08:31:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297135 The Tribunal dismissed the appeal regarding the jurisdiction of notice under section 148 of the Income Tax Act, upholding the reopening of assessment based on escapement of taxable income. However, the Tribunal allowed the appeal against the addition of Rs. 2,81,572 as 3% of purchases deemed bogus, finding the AO's estimation unwarranted and setting aside the CIT(A)'s order. The assessee provided evidence supporting the genuineness of transactions, leading to the Tribunal's decision in favor of the assessee on this issue. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297135