https://www.taxtmi.com/caselaws?id=775782 The ITAT Ahmedabad upheld the reopening of assessment based on third-party information but found the AO failed to independently verify or cross-examine witnesses or identify specific defects in the assessee's books. While the assessee's accounts were not rejected under section 145(3), the tribunal acknowledged the assessee's inclusion in a list of suspicious dealers justified some estimation. Considering the low tax impact and interest of justice, the tribunal reduced the estimated income from 2% to 1% of total alleged purchases and sales. The assessee's appeal was partly allowed. en-us Tue, 29 Jul 2025 00:00:00 +0530 Thu, 31 Jul 2025 08:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775782 The ITAT Ahmedabad upheld the reopening of assessment based on third-party information but found the AO failed to independently verify or cross-examine witnesses or identify specific defects in the assessee's books. While the assessee's accounts were not rejected under section 145(3), the tribunal acknowledged the assessee's inclusion in a list of suspicious dealers justified some estimation. Considering the low tax impact and interest of justice, the tribunal reduced the estimated income from 2% to 1% of total alleged purchases and sales. The assessee's appeal was partly allowed. Case-Laws Income Tax Tue, 29 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775782