https://www.taxtmi.com/caselaws?id=421962 The Tribunal partly allowed the Revenue's appeal by increasing the disallowance from 5% to 6% of the purchases, dismissing the assessee's cross-objection. The rejection of the books of accounts under Section 145(3) was upheld, and the validity of reopening the assessment was affirmed. The reliance on the case of M/s Mayank Diamonds Pvt. Ltd. was considered not entirely applicable due to differing business natures. The decision aligned with previous cases involving purchases from known hawala dealers. en-us Wed, 27 Apr 2022 00:00:00 +0530 Thu, 05 May 2022 08:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421962 The Tribunal partly allowed the Revenue's appeal by increasing the disallowance from 5% to 6% of the purchases, dismissing the assessee's cross-objection. The rejection of the books of accounts under Section 145(3) was upheld, and the validity of reopening the assessment was affirmed. The reliance on the case of M/s Mayank Diamonds Pvt. Ltd. was considered not entirely applicable due to differing business natures. The decision aligned with previous cases involving purchases from known hawala dealers. Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421962