https://www.taxtmi.com/caselaws?id=429706 The Tribunal upheld the validity of reopening the case under Section 147 of the Income Tax Act based on credible information from the Sales Tax Department. The addition on account of bogus purchases was partly allowed, with only 10% of the total purchases disallowed. The disallowance of carry forward loss was dismissed due to procedural lapses by the assessee. The issues related to charging of interest under Sections 234B and 234C and initiation of penalty under Section 271(1)(c) were not specifically addressed, considered general in nature. Consistency was maintained in separate judgments for different assessment years. en-us Mon, 31 Oct 2022 00:00:00 +0530 Wed, 02 Nov 2022 09:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429706 The Tribunal upheld the validity of reopening the case under Section 147 of the Income Tax Act based on credible information from the Sales Tax Department. The addition on account of bogus purchases was partly allowed, with only 10% of the total purchases disallowed. The disallowance of carry forward loss was dismissed due to procedural lapses by the assessee. The issues related to charging of interest under Sections 234B and 234C and initiation of penalty under Section 271(1)(c) were not specifically addressed, considered general in nature. Consistency was maintained in separate judgments for different assessment years. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429706