https://www.taxtmi.com/caselaws?id=443256 The Tribunal held that the reopening of assessment under section 147 of the Income Tax Act was erroneous and impermissible as the Assessing Officer relied solely on information from another officer without conducting an independent inquiry. The Tribunal emphasized the necessity of tangible material and a valid reason to believe income had escaped assessment. Additionally, the Tribunal found the addition on account of alleged bogus purchase not sustainable, as the assessee provided detailed evidence and the AO failed to address the submissions adequately. Consequently, the Tribunal directed the deletion of the addition and allowed the appeal of the assessee. en-us Wed, 26 Apr 2023 00:00:00 +0530 Wed, 20 Sep 2023 08:39:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443256 The Tribunal held that the reopening of assessment under section 147 of the Income Tax Act was erroneous and impermissible as the Assessing Officer relied solely on information from another officer without conducting an independent inquiry. The Tribunal emphasized the necessity of tangible material and a valid reason to believe income had escaped assessment. Additionally, the Tribunal found the addition on account of alleged bogus purchase not sustainable, as the assessee provided detailed evidence and the AO failed to address the submissions adequately. Consequently, the Tribunal directed the deletion of the addition and allowed the appeal of the assessee. Case-Laws Income Tax Wed, 26 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443256