https://www.taxtmi.com/caselaws?id=314337 ITAT Surat upheld reassessment proceedings under section 147 initiated after four years based on Investigation Wing information regarding bogus transactions. The court relied on precedents establishing that reassessment is justified when credible information indicates escaped income, even if transactions were previously scrutinized. Regarding bogus purchases, ITAT reduced the addition from CIT(A)'s determination to 5% of total bogus purchases, following industry profit margin standards. The assessee failed to substantiate purchases or produce relevant parties who admitted providing accommodation entries. Appeal was dismissed on reassessment validity but partially allowed on quantum of addition. en-us Thu, 25 Jul 2019 00:00:00 +0530 Sat, 01 Jun 2024 15:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314337 ITAT Surat upheld reassessment proceedings under section 147 initiated after four years based on Investigation Wing information regarding bogus transactions. The court relied on precedents establishing that reassessment is justified when credible information indicates escaped income, even if transactions were previously scrutinized. Regarding bogus purchases, ITAT reduced the addition from CIT(A)'s determination to 5% of total bogus purchases, following industry profit margin standards. The assessee failed to substantiate purchases or produce relevant parties who admitted providing accommodation entries. Appeal was dismissed on reassessment validity but partially allowed on quantum of addition. Case-Laws Income Tax Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314337