https://www.taxtmi.com/caselaws?id=434393 The Tribunal partly allowed the appeals for the assessment years 2009-10 and 2010-11, restoring the matter to the Assessing Officer for reconsideration of the addition on bogus purchases. The re-opening of assessment under section 147 was upheld due to new material indicating income escape. The Tribunal directed the Assessing Officer to limit the addition of profit on non-genuine purchases to match genuine purchase rates. Interest levied under sections 234B and 234C was considered consequential. The appeals were allowed based on findings from the assessment year 2009-10, applied to 2010-11. en-us Mon, 20 Feb 2023 00:00:00 +0530 Wed, 22 Feb 2023 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434393 The Tribunal partly allowed the appeals for the assessment years 2009-10 and 2010-11, restoring the matter to the Assessing Officer for reconsideration of the addition on bogus purchases. The re-opening of assessment under section 147 was upheld due to new material indicating income escape. The Tribunal directed the Assessing Officer to limit the addition of profit on non-genuine purchases to match genuine purchase rates. Interest levied under sections 234B and 234C was considered consequential. The appeals were allowed based on findings from the assessment year 2009-10, applied to 2010-11. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434393