https://www.taxtmi.com/caselaws?id=442036 The Tribunal upheld the validity of the reopening of assessment under Section 147 but deleted the addition made on account of bogus purchases, as the assessee proved the genuineness of the purchases. Additionally, the Tribunal reduced the addition on account of unexplained cash deposits during demonetization, noting the evidence provided by the assessee. Ultimately, the Tribunal allowed the assessee's appeals and dismissed the revenue's appeals, finding that the assessee had successfully proven the genuineness of the purchases and the source of cash deposits. en-us Wed, 09 Aug 2023 00:00:00 +0530 Tue, 22 Aug 2023 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442036 The Tribunal upheld the validity of the reopening of assessment under Section 147 but deleted the addition made on account of bogus purchases, as the assessee proved the genuineness of the purchases. Additionally, the Tribunal reduced the addition on account of unexplained cash deposits during demonetization, noting the evidence provided by the assessee. Ultimately, the Tribunal allowed the assessee's appeals and dismissed the revenue's appeals, finding that the assessee had successfully proven the genuineness of the purchases and the source of cash deposits. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442036