https://www.taxtmi.com/caselaws?id=442991 The Tribunal ruled in favor of the assessee, quashing the reopening of assessment and deletion of additions made by the AO. The Tribunal found that the primary issue of understated purchases was reconciled, and the estimation of income at 4% lacked justification without comparable cases. Consequently, the assessment proceedings were annulled, and the assessee's appeal was allowed on both grounds. en-us Tue, 12 Sep 2023 00:00:00 +0530 Thu, 14 Sep 2023 09:02:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442991 The Tribunal ruled in favor of the assessee, quashing the reopening of assessment and deletion of additions made by the AO. The Tribunal found that the primary issue of understated purchases was reconciled, and the estimation of income at 4% lacked justification without comparable cases. Consequently, the assessment proceedings were annulled, and the assessee's appeal was allowed on both grounds. Case-Laws Income Tax Tue, 12 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442991