https://www.taxtmi.com/caselaws?id=798103 Reassessment after four years may be sustained where fresh survey information reveals possible accommodation entries or bogus transactions and the original assessment did not examine the relevant purchases and sales. Producing records alone does not establish full and true disclosure of primary facts concerning transaction genuineness, and reopening on such fresh material is not merely a change of opinion. Where alleged bogus purchases and corresponding sales arise from the same unsubstantiated dealings, the full purchase amount should not be added while sales are accepted. Taxable income should instead be estimated on turnover by applying a 5% gross-profit rate, after credit for profit already disclosed. en-us Mon, 31 Aug 2026 00:00:00 +0530 Wed, 02 Sep 2026 08:30:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798103 Reassessment after four years may be sustained where fresh survey information reveals possible accommodation entries or bogus transactions and the original assessment did not examine the relevant purchases and sales. Producing records alone does not establish full and true disclosure of primary facts concerning transaction genuineness, and reopening on such fresh material is not merely a change of opinion. Where alleged bogus purchases and corresponding sales arise from the same unsubstantiated dealings, the full purchase amount should not be added while sales are accepted. Taxable income should instead be estimated on turnover by applying a 5% gross-profit rate, after credit for profit already disclosed. Case-Laws Income Tax Mon, 31 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798103