https://www.taxtmi.com/caselaws?id=415636 The ITAT Pune upheld the validity of the reassessment under section 148 of the Income Tax Act, citing new material on hawala transactions. The tribunal dismissed the appeal, stating that the income had escaped assessment due to bogus purchases. Regarding the disallowance of purchases from M/s. Oriental Enterprises, the ITAT Pune reduced the disallowance percentage from 25% to 10% based on judicial precedents. The general ground for appeal was considered non-specific. The appeal was partly allowed by the ITAT Pune on November 10, 2021, addressing the specific issues raised. en-us Wed, 10 Nov 2021 00:00:00 +0530 Fri, 10 Dec 2021 08:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415636 The ITAT Pune upheld the validity of the reassessment under section 148 of the Income Tax Act, citing new material on hawala transactions. The tribunal dismissed the appeal, stating that the income had escaped assessment due to bogus purchases. Regarding the disallowance of purchases from M/s. Oriental Enterprises, the ITAT Pune reduced the disallowance percentage from 25% to 10% based on judicial precedents. The general ground for appeal was considered non-specific. The appeal was partly allowed by the ITAT Pune on November 10, 2021, addressing the specific issues raised. Case-Laws Income Tax Wed, 10 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415636