https://www.taxtmi.com/caselaws?id=301138 Reopening under section 147 was upheld because the assessee did not substantiate the challenge with material showing the reassessment was invalid. In relation to alleged bogus purchases from hawala dealers, the sales were accepted and the corresponding inflow of goods could not be ignored, so the entire purchase amount was not added as income. The proper approach was estimation of the profit element embedded in such purchases, and the disallowance was restricted to 10% of the alleged bogus purchases as a fair estimate. en-us Thu, 31 Aug 2017 00:00:00 +0530 Tue, 15 Mar 2022 08:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301138 Reopening under section 147 was upheld because the assessee did not substantiate the challenge with material showing the reassessment was invalid. In relation to alleged bogus purchases from hawala dealers, the sales were accepted and the corresponding inflow of goods could not be ignored, so the entire purchase amount was not added as income. The proper approach was estimation of the profit element embedded in such purchases, and the disallowance was restricted to 10% of the alleged bogus purchases as a fair estimate. Case-Laws Income Tax Thu, 31 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301138