https://www.taxtmi.com/caselaws?id=752243 The ITAT Mumbai upheld the reopening of assessment under section 148, ruling that ACIT had proper jurisdiction despite subsequent transfer to ITO, as the return showed income above prescribed limits and necessary approvals were obtained. The tribunal confirmed the CIT(A)'s decision to sustain 12.5% addition on disputed purchases after rejecting unreliable books of accounts, reducing the AO's original 30% addition. The reasons to believe were validly recorded based on credible information from the Investigation Wing showing income escapement. The assessee's appeal was dismissed. en-us Fri, 03 May 2024 00:00:00 +0530 Mon, 06 May 2024 09:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752243 The ITAT Mumbai upheld the reopening of assessment under section 148, ruling that ACIT had proper jurisdiction despite subsequent transfer to ITO, as the return showed income above prescribed limits and necessary approvals were obtained. The tribunal confirmed the CIT(A)'s decision to sustain 12.5% addition on disputed purchases after rejecting unreliable books of accounts, reducing the AO's original 30% addition. The reasons to believe were validly recorded based on credible information from the Investigation Wing showing income escapement. The assessee's appeal was dismissed. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752243