https://www.taxtmi.com/caselaws?id=430096 The appellant challenged the jurisdiction of the Assessing Officer for initiating reassessment proceedings under section 147 of the Income Tax Act. The appellant's purchases were treated as accommodation entries, and despite contentions of genuineness, the Tribunal found insufficient proof of transactions. The appellant raised concerns regarding the violation of natural justice due to lack of cross-examination and corroborative evidence. The Tribunal, while acknowledging the grey market purchases, restricted the addition to 4% of the total amount, ultimately partially allowing the appeal and deleting the addition made by the Assessing Officer. en-us Thu, 08 Sep 2022 00:00:00 +0530 Thu, 10 Nov 2022 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430096 The appellant challenged the jurisdiction of the Assessing Officer for initiating reassessment proceedings under section 147 of the Income Tax Act. The appellant's purchases were treated as accommodation entries, and despite contentions of genuineness, the Tribunal found insufficient proof of transactions. The appellant raised concerns regarding the violation of natural justice due to lack of cross-examination and corroborative evidence. The Tribunal, while acknowledging the grey market purchases, restricted the addition to 4% of the total amount, ultimately partially allowing the appeal and deleting the addition made by the Assessing Officer. Case-Laws Income Tax Thu, 08 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430096