https://www.taxtmi.com/caselaws?id=429852 The Tribunal upheld the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, based on tangible material available for reopening the case. The addition made by the Assessing Officer for bogus purchases from 14 parties was upheld, following the Bombay High Court's precedent supporting a 12.5% addition. Despite condoning the delay in filing the appeal, the Tribunal dismissed the appeal, indicating that the interest levied under Sections 234B and 234C was also upheld. en-us Mon, 31 Oct 2022 00:00:00 +0530 Sat, 05 Nov 2022 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429852 The Tribunal upheld the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, based on tangible material available for reopening the case. The addition made by the Assessing Officer for bogus purchases from 14 parties was upheld, following the Bombay High Court's precedent supporting a 12.5% addition. Despite condoning the delay in filing the appeal, the Tribunal dismissed the appeal, indicating that the interest levied under Sections 234B and 234C was also upheld. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429852