https://www.taxtmi.com/caselaws?id=415370 The Tribunal allowed the appeal, quashing the reassessment proceedings and deleting the addition under Section 69C. The Tribunal's decision was based on the lack of valid jurisdiction under Section 147 and the absence of concrete evidence proving the purchases as bogus. The Tribunal followed precedents set in similar cases, reinforcing the principle that tax should be levied on real income and not on unverified suspicions. en-us Thu, 30 Sep 2021 00:00:00 +0530 Fri, 03 Dec 2021 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415370 The Tribunal allowed the appeal, quashing the reassessment proceedings and deleting the addition under Section 69C. The Tribunal's decision was based on the lack of valid jurisdiction under Section 147 and the absence of concrete evidence proving the purchases as bogus. The Tribunal followed precedents set in similar cases, reinforcing the principle that tax should be levied on real income and not on unverified suspicions. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415370