https://www.taxtmi.com/caselaws?id=424988 The Tribunal upheld the validity of re-opening the assessment under section 147 of the Income Tax Act based on hawala transactions involving certain parties. The Tribunal partially allowed the appeal by reducing the disallowance percentage on disputed purchases from Daksh Diamonds from 25% to 6%, considering the business nature of the assessee and the potential for revenue leakage. en-us Thu, 07 Jul 2022 00:00:00 +0530 Tue, 12 Jul 2022 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424988 The Tribunal upheld the validity of re-opening the assessment under section 147 of the Income Tax Act based on hawala transactions involving certain parties. The Tribunal partially allowed the appeal by reducing the disallowance percentage on disputed purchases from Daksh Diamonds from 25% to 6%, considering the business nature of the assessee and the potential for revenue leakage. Case-Laws Income Tax Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424988