https://www.taxtmi.com/caselaws?id=425602 The Tribunal upheld the validity of the reopening under Section 148 of the Income Tax Act based on credible third-party information. It also confirmed the rejection of the assessee's books of account under Section 145(3) due to inflated expenses from bogus purchases. The Tribunal adjusted the disallowance of bogus purchases to 6% and dismissed the assessee's claim for commission income on sales. Ultimately, the Tribunal partially allowed the Revenue's appeal, directing the AO to correct the disallowance figure and affirming the validity of the reopening and rejection of books of account. en-us Mon, 25 Jul 2022 00:00:00 +0530 Wed, 27 Jul 2022 08:41:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425602 The Tribunal upheld the validity of the reopening under Section 148 of the Income Tax Act based on credible third-party information. It also confirmed the rejection of the assessee's books of account under Section 145(3) due to inflated expenses from bogus purchases. The Tribunal adjusted the disallowance of bogus purchases to 6% and dismissed the assessee's claim for commission income on sales. Ultimately, the Tribunal partially allowed the Revenue's appeal, directing the AO to correct the disallowance figure and affirming the validity of the reopening and rejection of books of account. Case-Laws Income Tax Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425602