https://www.taxtmi.com/caselaws?id=771312 Legal Case Summary:SC partially upheld tax authority's assessment against assessee involving bogus purchase entries. The court validated reopening of assessment under section 148 based on Investigation Wing's information. While rejecting full disallowance of purchases, the court directed addition of 5.5% gross profit margin instead of entire purchase amount. The ruling emphasized that third-party survey statements can substantiate tax additions when assessee fails to produce contradictory evidence. Appeal was partly allowed with modified income addition approach. en-us Wed, 21 May 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771312 Legal Case Summary:SC partially upheld tax authority's assessment against assessee involving bogus purchase entries. The court validated reopening of assessment under section 148 based on Investigation Wing's information. While rejecting full disallowance of purchases, the court directed addition of 5.5% gross profit margin instead of entire purchase amount. The ruling emphasized that third-party survey statements can substantiate tax additions when assessee fails to produce contradictory evidence. Appeal was partly allowed with modified income addition approach. Case-Laws Income Tax Wed, 21 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771312