https://www.taxtmi.com/caselaws?id=300548 The ITAT affirmed the validity of reopening the assessment, stating that the AO had tangible incriminating material to support the prima facie belief of income escapement. Additionally, the 12.5% disallowance on bogus purchases was upheld, as the assessee failed to substantiate the genuineness of transactions despite providing some documents. The ITAT referred to relevant case law supporting these decisions, ultimately dismissing the assessee's appeal. en-us Fri, 05 Oct 2018 00:00:00 +0530 Fri, 11 Feb 2022 07:18:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300548 The ITAT affirmed the validity of reopening the assessment, stating that the AO had tangible incriminating material to support the prima facie belief of income escapement. Additionally, the 12.5% disallowance on bogus purchases was upheld, as the assessee failed to substantiate the genuineness of transactions despite providing some documents. The ITAT referred to relevant case law supporting these decisions, ultimately dismissing the assessee's appeal. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300548