https://www.taxtmi.com/caselaws?id=298323 The Tribunal affirmed the CIT(A)'s decisions on all issues in the case. The reopening of the assessment under Section 147 was upheld based on concrete and credible information. The addition of profit element on bogus purchases was reduced to 2%, considering the nature of the business. The levy of interest under Sections 234B and 234C was confirmed. The initiation of penalty proceedings was considered premature and dismissed. en-us Wed, 27 Sep 2017 00:00:00 +0530 Wed, 27 Oct 2021 09:18:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298323 The Tribunal affirmed the CIT(A)'s decisions on all issues in the case. The reopening of the assessment under Section 147 was upheld based on concrete and credible information. The addition of profit element on bogus purchases was reduced to 2%, considering the nature of the business. The levy of interest under Sections 234B and 234C was confirmed. The initiation of penalty proceedings was considered premature and dismissed. Case-Laws Income Tax Wed, 27 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298323