https://www.taxtmi.com/caselaws?id=413674 The Tribunal upheld the reopening of assessments under Section 147 of the Income Tax Act for the years in question, based on information indicating potential income escapement. Regarding disallowance of alleged bogus purchases, the Tribunal directed the Assessing Officer to limit the addition to 12.5% of the purchase value, subject to verification if the purchases were part of sales or closing stock. The appeals were partially allowed for statistical purposes, with instructions for the Assessing Officer to make adjustments accordingly. en-us Fri, 17 Sep 2021 00:00:00 +0530 Sat, 16 Oct 2021 20:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413674 The Tribunal upheld the reopening of assessments under Section 147 of the Income Tax Act for the years in question, based on information indicating potential income escapement. Regarding disallowance of alleged bogus purchases, the Tribunal directed the Assessing Officer to limit the addition to 12.5% of the purchase value, subject to verification if the purchases were part of sales or closing stock. The appeals were partially allowed for statistical purposes, with instructions for the Assessing Officer to make adjustments accordingly. Case-Laws Income Tax Fri, 17 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413674