https://www.taxtmi.com/caselaws?id=769257 The ITAT addressed reassessment challenges in tax proceedings, focusing on two key issues involving alleged bogus purchases. The Tribunal held that reopening assessments cannot constitute a change of opinion, restricting additions to 8% gross profit on purchases from two enterprises. The court deleted the entire reassessment addition for one enterprise and confirmed a limited gross profit addition for the other, emphasizing procedural constraints in tax reassessments. en-us Thu, 06 Mar 2025 00:00:00 +0530 Wed, 23 Apr 2025 09:07:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769257 The ITAT addressed reassessment challenges in tax proceedings, focusing on two key issues involving alleged bogus purchases. The Tribunal held that reopening assessments cannot constitute a change of opinion, restricting additions to 8% gross profit on purchases from two enterprises. The court deleted the entire reassessment addition for one enterprise and confirmed a limited gross profit addition for the other, emphasizing procedural constraints in tax reassessments. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769257