https://www.taxtmi.com/caselaws?id=313133 The Tribunal dismissed the revenue's appeals and partly allowed the assessee's cross-objections. The CIT(A) had sustained an addition of 17.5% on bogus purchases, which the Tribunal reduced to 5%, citing potential savings from gray market purchases. The reopening of assessment under Sec. 147 was upheld, as new information justified it. en-us Mon, 13 Nov 2017 00:00:00 +0530 Wed, 27 Mar 2024 18:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313133 The Tribunal dismissed the revenue's appeals and partly allowed the assessee's cross-objections. The CIT(A) had sustained an addition of 17.5% on bogus purchases, which the Tribunal reduced to 5%, citing potential savings from gray market purchases. The reopening of assessment under Sec. 147 was upheld, as new information justified it. Case-Laws Income Tax Mon, 13 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313133