https://www.taxtmi.com/caselaws?id=431258 The appeal was partly allowed by the Tribunal, which dismissed the claim of violation of natural justice due to the assessee's failure to utilize opportunities given. The reassessment under section 147 was deemed valid despite objections raised by the assessee. Regarding the addition made on account of ingenuine purchases, the Tribunal found insufficient evidence linking the cash withdrawals to the assessee or proving the purchases were ingenuine. Consequently, a 5% profit element was estimated on the purchases, partially allowing the appeal. The decision was pronounced on 29/04/2022. en-us Fri, 29 Apr 2022 00:00:00 +0530 Fri, 09 Dec 2022 10:00:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431258 The appeal was partly allowed by the Tribunal, which dismissed the claim of violation of natural justice due to the assessee's failure to utilize opportunities given. The reassessment under section 147 was deemed valid despite objections raised by the assessee. Regarding the addition made on account of ingenuine purchases, the Tribunal found insufficient evidence linking the cash withdrawals to the assessee or proving the purchases were ingenuine. Consequently, a 5% profit element was estimated on the purchases, partially allowing the appeal. The decision was pronounced on 29/04/2022. Case-Laws Income Tax Fri, 29 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431258