https://www.taxtmi.com/caselaws?id=297651 The reassessment proceedings were upheld as valid, with additions on alleged bogus purchases sustained due to insufficient evidence supporting their genuineness. Despite the assessee's efforts to provide documentation, the suppliers' failure to confirm transactions led to the purchases being deemed bogus. The Ld. CIT(A) reduced the additions but upheld the jurisdiction of the Ld. AO based on new material indicating income escapement. The appeal was dismissed, considering the profit elements in the purchases and the inability to substantiate transactions adequately. en-us Tue, 22 May 2018 00:00:00 +0530 Thu, 16 Sep 2021 09:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297651 The reassessment proceedings were upheld as valid, with additions on alleged bogus purchases sustained due to insufficient evidence supporting their genuineness. Despite the assessee's efforts to provide documentation, the suppliers' failure to confirm transactions led to the purchases being deemed bogus. The Ld. CIT(A) reduced the additions but upheld the jurisdiction of the Ld. AO based on new material indicating income escapement. The appeal was dismissed, considering the profit elements in the purchases and the inability to substantiate transactions adequately. Case-Laws Income Tax Tue, 22 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297651