https://www.taxtmi.com/caselaws?id=432264 The Tribunal dismissed the assessee's appeal challenging the validity of the notice under Section 148 and upheld the CIT(A)'s decision to restrict the addition to 5% of the bogus purchases. However, the Tribunal modified the addition to 6% in line with precedent. The decision highlights the significance of tangible material and substantial evidence in reopening assessments and determining additions for alleged non-genuine purchases. en-us Mon, 25 Jul 2022 00:00:00 +0530 Mon, 02 Jan 2023 08:35:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432264 The Tribunal dismissed the assessee's appeal challenging the validity of the notice under Section 148 and upheld the CIT(A)'s decision to restrict the addition to 5% of the bogus purchases. However, the Tribunal modified the addition to 6% in line with precedent. The decision highlights the significance of tangible material and substantial evidence in reopening assessments and determining additions for alleged non-genuine purchases. Case-Laws Income Tax Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432264