https://www.taxtmi.com/caselaws?id=435583 The Tribunal partially allowed the appeal, granting relief on the disallowance of non-genuine purchases. The delay in filing the appeal was condoned due to technical issues, allowing the case to proceed. Concerns regarding the validity of re-opening the case under section 147 of the Income Tax Act were addressed, focusing on the legality of the reassessment proceedings. The Tribunal directed the Assessing Officer to verify the gross profit for taxation, limiting the disallowance to 3% of the estimated gross profit in alignment with industry standards. en-us Mon, 20 Feb 2023 00:00:00 +0530 Thu, 23 Mar 2023 08:27:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435583 The Tribunal partially allowed the appeal, granting relief on the disallowance of non-genuine purchases. The delay in filing the appeal was condoned due to technical issues, allowing the case to proceed. Concerns regarding the validity of re-opening the case under section 147 of the Income Tax Act were addressed, focusing on the legality of the reassessment proceedings. The Tribunal directed the Assessing Officer to verify the gross profit for taxation, limiting the disallowance to 3% of the estimated gross profit in alignment with industry standards. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435583