https://www.taxtmi.com/caselaws?id=425388 The Tribunal upheld the reopening of assessments under Section 147/148 based on credible information from the Investigation Wing. The disallowance for alleged bogus purchases was adjusted to 6%, in line with industry standards. The appellant's claim of being a commission agent was rejected, and the Tribunal found the AO's reliance on the Investigation Wing's report reasonable. Despite lack of cross-examination opportunities, the Tribunal upheld the additions, partly allowing the assessee's appeals and dismissing the revenue's, ensuring consistency in treatment of disputed purchases. en-us Mon, 18 Jul 2022 00:00:00 +0530 Thu, 21 Jul 2022 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425388 The Tribunal upheld the reopening of assessments under Section 147/148 based on credible information from the Investigation Wing. The disallowance for alleged bogus purchases was adjusted to 6%, in line with industry standards. The appellant's claim of being a commission agent was rejected, and the Tribunal found the AO's reliance on the Investigation Wing's report reasonable. Despite lack of cross-examination opportunities, the Tribunal upheld the additions, partly allowing the assessee's appeals and dismissing the revenue's, ensuring consistency in treatment of disputed purchases. Case-Laws Income Tax Mon, 18 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425388