https://www.taxtmi.com/caselaws?id=459239 ITAT Mumbai held that reassessment u/s 147 for bogus purchases was not tenable as the issue was already considered in regular assessment u/s 143(3). The tribunal found reassessment constituted mere change of opinion. Following precedent from assessee's own case for AY 2009-10 and applying Mohammed Haji Adam Co ratio, ITAT directed addition of 4% gross profit on turnover for alleged bogus purchases instead of peak credit-based addition u/s 69C, considering purchases were recorded in books with corresponding sales. en-us Thu, 14 Sep 2023 00:00:00 +0530 Thu, 05 Dec 2024 21:12:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459239 ITAT Mumbai held that reassessment u/s 147 for bogus purchases was not tenable as the issue was already considered in regular assessment u/s 143(3). The tribunal found reassessment constituted mere change of opinion. Following precedent from assessee's own case for AY 2009-10 and applying Mohammed Haji Adam Co ratio, ITAT directed addition of 4% gross profit on turnover for alleged bogus purchases instead of peak credit-based addition u/s 69C, considering purchases were recorded in books with corresponding sales. Case-Laws Income Tax Thu, 14 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459239