https://www.taxtmi.com/caselaws?id=311075 The ITAT Surat rejected the assessee's challenge to the validity of reassessment reopening under section 147, as no cross-objection or Rule 27 application was filed under Income Tax Appellate Tribunal Rules. Following the precedent in Pankaj K. Chaudhary case, the Tribunal directed the Assessing Officer to estimate income addition at 6% of bogus/unverifiable purchases instead of the higher rate initially applied. The Revenue's appeal was partly allowed, with the income estimation reduced but the reassessment validity challenge dismissed on procedural grounds. en-us Fri, 13 Jan 2023 00:00:00 +0530 Thu, 07 Dec 2023 06:21:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311075 The ITAT Surat rejected the assessee's challenge to the validity of reassessment reopening under section 147, as no cross-objection or Rule 27 application was filed under Income Tax Appellate Tribunal Rules. Following the precedent in Pankaj K. Chaudhary case, the Tribunal directed the Assessing Officer to estimate income addition at 6% of bogus/unverifiable purchases instead of the higher rate initially applied. The Revenue's appeal was partly allowed, with the income estimation reduced but the reassessment validity challenge dismissed on procedural grounds. Case-Laws Income Tax Fri, 13 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311075