https://www.taxtmi.com/caselaws?id=465158 ITAT upheld the validity of reassessment proceedings u/s 147 r/w 148, holding that the AO had fresh tangible material based on an investigation wing report to form a bona fide belief of income escaping assessment. Retraction of statements by certain persons examined in the investigation could not, by itself, vitiate reliance on the report, which was not solely statement-based. On merits, ITAT partly allowed the appeal on the addition u/s 68 for bogus purchases. It adopted 6% as a reasonable estimate of profit embedded in the disputed purchases, directing the AO to restrict disallowance to 6% after reducing the gross profit already declared, subject to verification. en-us Thu, 25 Jan 2024 00:00:00 +0530 Wed, 10 Dec 2025 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465158 ITAT upheld the validity of reassessment proceedings u/s 147 r/w 148, holding that the AO had fresh tangible material based on an investigation wing report to form a bona fide belief of income escaping assessment. Retraction of statements by certain persons examined in the investigation could not, by itself, vitiate reliance on the report, which was not solely statement-based. On merits, ITAT partly allowed the appeal on the addition u/s 68 for bogus purchases. It adopted 6% as a reasonable estimate of profit embedded in the disputed purchases, directing the AO to restrict disallowance to 6% after reducing the gross profit already declared, subject to verification. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465158