https://www.taxtmi.com/caselaws?id=449488 The ITAT Delhi ruled in favor of the assessee, allowing the appeal and invalidating the reopening of assessment. The tribunal found that the AO failed to conduct proper inquiries before reopening based on advisory information about suspicious transactions with R.K. Trading Company and Netwest Trade Link. The actual transactions examined during reassessment were entirely different from those mentioned in the reopening reasons, vitiating the basis for reopening. The AO made impermissible additions under Section 68 while the transactions were already offered as turnover, constituting double taxation. The assessee successfully demonstrated that purchases were genuine with corresponding sales recorded and proper documentation maintained. en-us Fri, 09 Feb 2024 00:00:00 +0530 Mon, 12 Feb 2024 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449488 The ITAT Delhi ruled in favor of the assessee, allowing the appeal and invalidating the reopening of assessment. The tribunal found that the AO failed to conduct proper inquiries before reopening based on advisory information about suspicious transactions with R.K. Trading Company and Netwest Trade Link. The actual transactions examined during reassessment were entirely different from those mentioned in the reopening reasons, vitiating the basis for reopening. The AO made impermissible additions under Section 68 while the transactions were already offered as turnover, constituting double taxation. The assessee successfully demonstrated that purchases were genuine with corresponding sales recorded and proper documentation maintained. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449488