https://www.taxtmi.com/caselaws?id=422687 The Tribunal upheld the validity of the reopening of the assessment under Section 147/148 of the Income Tax Act, citing reasons to believe that income had escaped assessment. It also upheld the ex parte order under Section 144 due to the lack of cooperation from the assessee. However, the Tribunal restricted the disallowance of purchases deemed bogus to 6% of the total amount, rather than the 100% disallowance by the Assessing Officer, aligning with previous decisions to disallow only the profit element in such transactions. The appeals were partly allowed, providing relief to the assessee. en-us Tue, 17 May 2022 00:00:00 +0530 Fri, 20 May 2022 09:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422687 The Tribunal upheld the validity of the reopening of the assessment under Section 147/148 of the Income Tax Act, citing reasons to believe that income had escaped assessment. It also upheld the ex parte order under Section 144 due to the lack of cooperation from the assessee. However, the Tribunal restricted the disallowance of purchases deemed bogus to 6% of the total amount, rather than the 100% disallowance by the Assessing Officer, aligning with previous decisions to disallow only the profit element in such transactions. The appeals were partly allowed, providing relief to the assessee. Case-Laws Income Tax Tue, 17 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422687