https://www.taxtmi.com/caselaws?id=755056 The ITAT Surat upheld the validity of a reassessment notice issued u/s 148 for AY 2011-12. The AO recorded reasons on 19.03.2018, obtained sanction u/s 151 on 23.03.2018, and issued the notice on 27.03.2018, well within the six-year time limit ending 31.03.2018. The tribunal found the procedure compliant with statutory requirements and SC precedent in GKN Driveshofts case. Regarding bogus purchases, the AO validly assumed jurisdiction based on investigation wing information identifying the assessee as beneficiary of entry operators providing fictitious entries. Following precedent in Pankaj K. Chaudhary, the tribunal restricted disallowance to 6% of disputed bogus purchases rather than rejecting entire books of account. en-us Tue, 02 Jul 2024 00:00:00 +0530 Thu, 04 Jul 2024 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755056 The ITAT Surat upheld the validity of a reassessment notice issued u/s 148 for AY 2011-12. The AO recorded reasons on 19.03.2018, obtained sanction u/s 151 on 23.03.2018, and issued the notice on 27.03.2018, well within the six-year time limit ending 31.03.2018. The tribunal found the procedure compliant with statutory requirements and SC precedent in GKN Driveshofts case. Regarding bogus purchases, the AO validly assumed jurisdiction based on investigation wing information identifying the assessee as beneficiary of entry operators providing fictitious entries. Following precedent in Pankaj K. Chaudhary, the tribunal restricted disallowance to 6% of disputed bogus purchases rather than rejecting entire books of account. Case-Laws Income Tax Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755056