https://www.taxtmi.com/caselaws?id=448088 The ITAT Mumbai rejected the assessee's challenges to assessment reopening, finding no procedural violations in jurisdiction transfer under s.127, incumbency change notice under s.129, or approval under s.151. The tribunal held that specific information about bogus purchases from untraceable parties provided sufficient grounds for reopening, dismissing claims of borrowed satisfaction. However, regarding estimation of income from alleged bogus purchases, the tribunal reduced the gross profit rate from 15% to 2% on trading of ferrous and non-ferrous metals, considering the 4% VAT rate and comparable tribunal decisions. The appeal was partly allowed. en-us Fri, 29 Dec 2023 00:00:00 +0530 Wed, 10 Jan 2024 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448088 The ITAT Mumbai rejected the assessee's challenges to assessment reopening, finding no procedural violations in jurisdiction transfer under s.127, incumbency change notice under s.129, or approval under s.151. The tribunal held that specific information about bogus purchases from untraceable parties provided sufficient grounds for reopening, dismissing claims of borrowed satisfaction. However, regarding estimation of income from alleged bogus purchases, the tribunal reduced the gross profit rate from 15% to 2% on trading of ferrous and non-ferrous metals, considering the 4% VAT rate and comparable tribunal decisions. The appeal was partly allowed. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448088