https://www.taxtmi.com/caselaws?id=762669 ITAT Pune upheld reopening of assessment under section 147 after finding assessee failed to disclose material facts about sundry creditors. During original assessment, 7 out of 8 vendors denied transactions with assessee, indicating bogus purchases. Instead of AO's 10% disallowance on total purchases, ITAT estimated net profit rate at 3.5% of gross sales to end litigation. For AY 2007-08, addition of Rs. 4,12,336 sustained; for AY 2009-10, Rs. 5,02,886 addition sustained. Appeals partly allowed. en-us Tue, 03 Dec 2024 00:00:00 +0530 Thu, 05 Dec 2024 08:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762669 ITAT Pune upheld reopening of assessment under section 147 after finding assessee failed to disclose material facts about sundry creditors. During original assessment, 7 out of 8 vendors denied transactions with assessee, indicating bogus purchases. Instead of AO's 10% disallowance on total purchases, ITAT estimated net profit rate at 3.5% of gross sales to end litigation. For AY 2007-08, addition of Rs. 4,12,336 sustained; for AY 2009-10, Rs. 5,02,886 addition sustained. Appeals partly allowed. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762669