https://www.taxtmi.com/caselaws?id=751622 A scrutiny assessment was upheld because the notice under section 143(2) was found to be duly signed, so the jurisdictional objection based on invalid notice failed. In relation to alleged bogus purchases, the text states that the assessee did not prove genuineness, but a flat 25% disallowance lacked cogent basis; the proper approach is to restrict the addition to the profit element embedded in the purchases by aligning the gross profit rate of disputed purchases with genuine purchases. The matter was remanded for limited verification and fresh computation after hearing the assessee. en-us Thu, 18 Apr 2024 00:00:00 +0530 Fri, 19 Apr 2024 22:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751622 A scrutiny assessment was upheld because the notice under section 143(2) was found to be duly signed, so the jurisdictional objection based on invalid notice failed. In relation to alleged bogus purchases, the text states that the assessee did not prove genuineness, but a flat 25% disallowance lacked cogent basis; the proper approach is to restrict the addition to the profit element embedded in the purchases by aligning the gross profit rate of disputed purchases with genuine purchases. The matter was remanded for limited verification and fresh computation after hearing the assessee. Case-Laws Income Tax Thu, 18 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751622