https://www.taxtmi.com/caselaws?id=755911 The ITAT Surat upheld the AO's reopening of assessment based on credible information from Investigation Wing and ED regarding money laundering and foreign remittances by Hassanfatta group entities to Dubai and Hong Kong companies using fake documents. The assessee had transacted with these entities. The Tribunal sustained 6% addition on bogus purchases following precedent but deleted additions under Section 69 for unexplained loans as transactions were properly recorded in books. Regarding penny stock transactions, the Tribunal upheld CIT(A)'s deletion of additions, noting payments were made from disclosed bank accounts and resulted in losses rather than unexplained investments. en-us Wed, 10 Jul 2024 00:00:00 +0530 Mon, 22 Jul 2024 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755911 The ITAT Surat upheld the AO's reopening of assessment based on credible information from Investigation Wing and ED regarding money laundering and foreign remittances by Hassanfatta group entities to Dubai and Hong Kong companies using fake documents. The assessee had transacted with these entities. The Tribunal sustained 6% addition on bogus purchases following precedent but deleted additions under Section 69 for unexplained loans as transactions were properly recorded in books. Regarding penny stock transactions, the Tribunal upheld CIT(A)'s deletion of additions, noting payments were made from disclosed bank accounts and resulted in losses rather than unexplained investments. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755911