https://www.taxtmi.com/caselaws?id=443543 The Tribunal dismissed the appeal in a case involving reassessment proceedings under Sections 147/148 of the Income Tax Act, 1961, related to alleged bogus purchases by a respondent-company. The Tribunal found procedural flaws, including the Assessing Officer's reliance on unverified information and a witness statement without allowing cross-examination. Emphasizing the importance of proper verification and adherence to legal procedures, the Tribunal upheld the respondent's appeal, highlighting inconsistencies in the AO's approach and questioning the validity of reassessment based on minor discrepancies in invoices. The appeal by the revenue was subsequently dismissed. en-us Tue, 05 Sep 2023 00:00:00 +0530 Tue, 26 Sep 2023 08:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443543 The Tribunal dismissed the appeal in a case involving reassessment proceedings under Sections 147/148 of the Income Tax Act, 1961, related to alleged bogus purchases by a respondent-company. The Tribunal found procedural flaws, including the Assessing Officer's reliance on unverified information and a witness statement without allowing cross-examination. Emphasizing the importance of proper verification and adherence to legal procedures, the Tribunal upheld the respondent's appeal, highlighting inconsistencies in the AO's approach and questioning the validity of reassessment based on minor discrepancies in invoices. The appeal by the revenue was subsequently dismissed. Case-Laws Income Tax Tue, 05 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443543