https://www.taxtmi.com/caselaws?id=450367 ITAT Delhi upheld reopening of assessment based on information from Investigation Wing regarding bogus purchases from supplier. During search of third-party group, statements revealed supplier was not engaged in real business and supplied no physical goods. Assessee's name appeared in supplier's books showing transactions. ITAT found AO's reasons specific and reliable, rejecting challenge to jurisdiction assumption. Regarding income estimation, ITAT upheld CIT(A)'s 5% gross profit addition on bogus purchases, noting assessee failed to prove bona fides of supplier or discharge onus regarding sale parties. Both Revenue's appeal and assessee's cross-objection dismissed. en-us Thu, 29 Feb 2024 00:00:00 +0530 Mon, 04 Mar 2024 09:15:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450367 ITAT Delhi upheld reopening of assessment based on information from Investigation Wing regarding bogus purchases from supplier. During search of third-party group, statements revealed supplier was not engaged in real business and supplied no physical goods. Assessee's name appeared in supplier's books showing transactions. ITAT found AO's reasons specific and reliable, rejecting challenge to jurisdiction assumption. Regarding income estimation, ITAT upheld CIT(A)'s 5% gross profit addition on bogus purchases, noting assessee failed to prove bona fides of supplier or discharge onus regarding sale parties. Both Revenue's appeal and assessee's cross-objection dismissed. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450367