https://www.taxtmi.com/caselaws?id=456011 ITAT Jaipur held that reopening assessments under section 148 after four years was invalid as the assessee had disclosed all primary facts during scrutiny assessment, with no failure to disclose material facts. The reopening for AY 2008-09 and 2010-11 was quashed. For bogus purchases estimation, the tribunal found that for AY 2011-12, the assessee's declared gross profit of -1.38% was better than the average past history of -2.38%, therefore no addition was warranted despite rejection of books under section 145(3). The addition for AY 2011-12 was deleted. en-us Mon, 24 Aug 2020 00:00:00 +0530 Fri, 21 Jun 2024 08:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456011 ITAT Jaipur held that reopening assessments under section 148 after four years was invalid as the assessee had disclosed all primary facts during scrutiny assessment, with no failure to disclose material facts. The reopening for AY 2008-09 and 2010-11 was quashed. For bogus purchases estimation, the tribunal found that for AY 2011-12, the assessee's declared gross profit of -1.38% was better than the average past history of -2.38%, therefore no addition was warranted despite rejection of books under section 145(3). The addition for AY 2011-12 was deleted. Case-Laws Income Tax Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456011