https://www.taxtmi.com/caselaws?id=460301 The ITAT Delhi ruled in favor of the assessee on multiple grounds. For A.Y. 2008-09, the assessment was quashed as barred by limitation since the notice u/s 153C was issued beyond the six-year period from the satisfaction note date. The assessment framed u/s 143(3) instead of the required u/s 153C was held patently illegal and deserving to be quashed. Regarding bogus purchases, the AO's rejection of books u/s 145(3) and addition based on GP rate was found unreasonable without specific defects being identified. The assessee's appeal was allowed on all grounds. en-us Thu, 24 Oct 2024 00:00:00 +0530 Sat, 18 Jan 2025 10:41:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460301 The ITAT Delhi ruled in favor of the assessee on multiple grounds. For A.Y. 2008-09, the assessment was quashed as barred by limitation since the notice u/s 153C was issued beyond the six-year period from the satisfaction note date. The assessment framed u/s 143(3) instead of the required u/s 153C was held patently illegal and deserving to be quashed. Regarding bogus purchases, the AO's rejection of books u/s 145(3) and addition based on GP rate was found unreasonable without specific defects being identified. The assessee's appeal was allowed on all grounds. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460301