https://www.taxtmi.com/caselaws?id=457601 ITAT Surat upheld the reassessment proceedings, finding valid grounds for reopening based on credible information regarding bogus purchases. The tribunal confirmed addition of 6% of bogus purchases as estimated income, following binding precedent from Pankaj K. Choudhary case. The AO had applied proper mind and recorded conclusions that purchases were non-genuine accommodation entries. Requirements under sections 147 and 148 were satisfied, making the reopening justified and legal. The assessee's challenge to reassessment validity was dismissed. en-us Tue, 28 Jun 2022 00:00:00 +0530 Mon, 23 Sep 2024 10:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457601 ITAT Surat upheld the reassessment proceedings, finding valid grounds for reopening based on credible information regarding bogus purchases. The tribunal confirmed addition of 6% of bogus purchases as estimated income, following binding precedent from Pankaj K. Choudhary case. The AO had applied proper mind and recorded conclusions that purchases were non-genuine accommodation entries. Requirements under sections 147 and 148 were satisfied, making the reopening justified and legal. The assessee's challenge to reassessment validity was dismissed. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457601