https://www.taxtmi.com/caselaws?id=425953 The Tribunal partially allowed the Revenue's appeal by adjusting the disallowance rate for bogus purchases from 5% to 6%, aligning with similar cases. It upheld the validity of the assessment reopening under section 147 based on credible third-party information. Additionally, the Tribunal supported the Principal Commissioner's revision order under section 263, directing the AO to re-examine loan transactions and forex gain/loss claims due to the AO's failure to conduct proper inquiries initially. The Tribunal stressed the importance of thorough investigations and proper application of legal provisions in all cases. en-us Thu, 14 Jul 2022 00:00:00 +0530 Wed, 03 Aug 2022 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425953 The Tribunal partially allowed the Revenue's appeal by adjusting the disallowance rate for bogus purchases from 5% to 6%, aligning with similar cases. It upheld the validity of the assessment reopening under section 147 based on credible third-party information. Additionally, the Tribunal supported the Principal Commissioner's revision order under section 263, directing the AO to re-examine loan transactions and forex gain/loss claims due to the AO's failure to conduct proper inquiries initially. The Tribunal stressed the importance of thorough investigations and proper application of legal provisions in all cases. Case-Laws Income Tax Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425953