https://www.taxtmi.com/caselaws?id=770338 The ITAT Ahmedabad upheld the validity of reassessment proceedings initiated based on information flagged under Risk Management Strategy, confirming this constitutes valid "information" under amended provisions effective 01.04.2021. The assessee's purchases from a supplier flagged as high-risk by GST authorities were deemed suspicious. While the CIT(A) had restricted additions under section 69C to 10% of transaction value, the ITAT further reduced this to 5% of the purchase value (Rs. 90,000 on Rs. 18,00,000), following precedents from Gujarat HC. The appeal was partly allowed, balancing revenue interests against preventing double taxation. en-us Mon, 05 May 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770338 The ITAT Ahmedabad upheld the validity of reassessment proceedings initiated based on information flagged under Risk Management Strategy, confirming this constitutes valid "information" under amended provisions effective 01.04.2021. The assessee's purchases from a supplier flagged as high-risk by GST authorities were deemed suspicious. While the CIT(A) had restricted additions under section 69C to 10% of transaction value, the ITAT further reduced this to 5% of the purchase value (Rs. 90,000 on Rs. 18,00,000), following precedents from Gujarat HC. The appeal was partly allowed, balancing revenue interests against preventing double taxation. Case-Laws Income Tax Mon, 05 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770338