https://www.taxtmi.com/caselaws?id=759945 Delhi HC dismissed the petition challenging reopening of assessment u/s 147. The tax department received information from its investigation wing that two suppliers from whom petitioner availed supplies were non-existent entities. Despite petitioner producing documents supporting genuine purchases, it failed to establish the creditworthiness or substance of the suppliers. The court held that AO had sufficient grounds suggesting income escaped assessment for AY 2020-21, declining to adjudicate on merits as that falls within reassessment proceedings' scope. en-us Mon, 30 Sep 2024 00:00:00 +0530 Fri, 11 Oct 2024 08:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759945 Delhi HC dismissed the petition challenging reopening of assessment u/s 147. The tax department received information from its investigation wing that two suppliers from whom petitioner availed supplies were non-existent entities. Despite petitioner producing documents supporting genuine purchases, it failed to establish the creditworthiness or substance of the suppliers. The court held that AO had sufficient grounds suggesting income escaped assessment for AY 2020-21, declining to adjudicate on merits as that falls within reassessment proceedings' scope. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759945