https://www.taxtmi.com/caselaws?id=763112 ITAT Jodhpur quashed reassessment proceedings initiated by Jurisdictional Assessing Officer (JAO) under section 148, ruling the notice was invalid as it should have been issued by the Faceless Assessing Officer who conducted original assessment. The reopening was based on incorrect information regarding purchase transactions, when assessee had actually made sales to the entity. The tribunal rejected 100% addition under section 68 for alleged bogus purchases, finding assessee provided sufficient evidence of genuine sales transactions including bills, stock registers, and cheque receipts. Addition was unsustainable as sales were already recorded and taxed. Appeal allowed. en-us Thu, 26 Sep 2024 00:00:00 +0530 Thu, 12 Dec 2024 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763112 ITAT Jodhpur quashed reassessment proceedings initiated by Jurisdictional Assessing Officer (JAO) under section 148, ruling the notice was invalid as it should have been issued by the Faceless Assessing Officer who conducted original assessment. The reopening was based on incorrect information regarding purchase transactions, when assessee had actually made sales to the entity. The tribunal rejected 100% addition under section 68 for alleged bogus purchases, finding assessee provided sufficient evidence of genuine sales transactions including bills, stock registers, and cheque receipts. Addition was unsustainable as sales were already recorded and taxed. Appeal allowed. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763112