https://www.taxtmi.com/caselaws?id=432266 The Tribunal upheld the reopening of assessments under Section 147 of the Income Tax Act based on credible third-party information linking the assessee to accommodation entries. The Tribunal dismissed the assessee's challenges, citing precedents supporting such reopenings. Regarding the addition on account of bogus purchases, the Tribunal acknowledged the non-genuine nature of purchases but restricted the addition to 6% of the bogus purchases to prevent undue tax burden while ensuring fairness and preventing revenue leakage. The decision emphasizes the significance of credible evidence and a balanced approach in addressing alleged fraudulent transactions. en-us Mon, 22 Aug 2022 00:00:00 +0530 Mon, 02 Jan 2023 08:36:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432266 The Tribunal upheld the reopening of assessments under Section 147 of the Income Tax Act based on credible third-party information linking the assessee to accommodation entries. The Tribunal dismissed the assessee's challenges, citing precedents supporting such reopenings. Regarding the addition on account of bogus purchases, the Tribunal acknowledged the non-genuine nature of purchases but restricted the addition to 6% of the bogus purchases to prevent undue tax burden while ensuring fairness and preventing revenue leakage. The decision emphasizes the significance of credible evidence and a balanced approach in addressing alleged fraudulent transactions. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432266