https://www.taxtmi.com/caselaws?id=417927 The Tribunal upheld the validity of the proceedings under Section 148 of the Income Tax Act, 1961, citing the judgment of the Gujarat High Court. The grounds related to the adequacy of sanction and rejection of books of account were dismissed. The Tribunal rejected the violation of principles of natural justice due to the nature of transactions and restricted the disallowance to 6% of the impugned purchases, partially allowing the appeal. en-us Mon, 31 Jan 2022 00:00:00 +0530 Fri, 04 Feb 2022 07:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417927 The Tribunal upheld the validity of the proceedings under Section 148 of the Income Tax Act, 1961, citing the judgment of the Gujarat High Court. The grounds related to the adequacy of sanction and rejection of books of account were dismissed. The Tribunal rejected the violation of principles of natural justice due to the nature of transactions and restricted the disallowance to 6% of the impugned purchases, partially allowing the appeal. Case-Laws Income Tax Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417927