https://www.taxtmi.com/caselaws?id=469618 Reassessment was upheld where information from the Investigation Wing and recorded reasons showed material indicating accommodation entries and bogus purchase bills, creating a valid reason to believe that income had escaped assessment; the challenge to notice under sections 147 and 148 failed. The trading addition was then limited after rejection of books and gross profit estimation, because comparable past results supported adoption of the earlier accepted gross profit rate of 10.28% instead of 10.20%; partial relief was granted on that basis. en-us Fri, 12 Jul 2019 00:00:00 +0530 Wed, 24 Jun 2026 17:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469618 Reassessment was upheld where information from the Investigation Wing and recorded reasons showed material indicating accommodation entries and bogus purchase bills, creating a valid reason to believe that income had escaped assessment; the challenge to notice under sections 147 and 148 failed. The trading addition was then limited after rejection of books and gross profit estimation, because comparable past results supported adoption of the earlier accepted gross profit rate of 10.28% instead of 10.20%; partial relief was granted on that basis. Case-Laws Income Tax Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469618