https://www.taxtmi.com/caselaws?id=422418 The Tribunal upheld the validity of the reassessment proceedings under section 147, citing prima facie material from a search action to establish income escapement. The Tribunal rejected the disallowance of purchases from M/s Sun Diam, criticizing the AO's reliance on third-party statements without independent verification. The reassessment was deemed valid, but the disallowance was deleted, affirming the genuineness of the transactions. The appeal was partly allowed, with the Tribunal's order issued on 05th May, 2022. en-us Thu, 05 May 2022 00:00:00 +0530 Sat, 14 May 2022 08:39:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422418 The Tribunal upheld the validity of the reassessment proceedings under section 147, citing prima facie material from a search action to establish income escapement. The Tribunal rejected the disallowance of purchases from M/s Sun Diam, criticizing the AO's reliance on third-party statements without independent verification. The reassessment was deemed valid, but the disallowance was deleted, affirming the genuineness of the transactions. The appeal was partly allowed, with the Tribunal's order issued on 05th May, 2022. Case-Laws Income Tax Thu, 05 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422418