https://www.taxtmi.com/caselaws?id=430635 The appeal challenging the reassessment proceedings under section 147 of the Income Tax Act for the assessment year 2007-08 was dismissed as the issue of validity was not pressed during the hearing. Regarding the disallowance on account of bogus purchases, the Tribunal directed the Assessing Officer to restrict the addition to 6% of the bogus purchases based on judicial precedent, partially allowing the appeal in favor of the assessee. The judgment emphasizes the need to substantiate transactions to prevent income additions and the role of judicial precedents in determining reasonable additions in cases of non-genuine purchases. en-us Mon, 21 Nov 2022 00:00:00 +0530 Thu, 24 Nov 2022 07:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430635 The appeal challenging the reassessment proceedings under section 147 of the Income Tax Act for the assessment year 2007-08 was dismissed as the issue of validity was not pressed during the hearing. Regarding the disallowance on account of bogus purchases, the Tribunal directed the Assessing Officer to restrict the addition to 6% of the bogus purchases based on judicial precedent, partially allowing the appeal in favor of the assessee. The judgment emphasizes the need to substantiate transactions to prevent income additions and the role of judicial precedents in determining reasonable additions in cases of non-genuine purchases. Case-Laws Income Tax Mon, 21 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430635