https://www.taxtmi.com/caselaws?id=55047 The Tribunal annulled the assessments for both years, finding the reopening under sections 147/148 without jurisdiction. The Rs. 6,00,000 addition for bogus purchases was not sustained, as purchases were deemed unverifiable, not bogus. Penalty proceedings under section 271(1)(c) and interest charges under sections 234A and 234B were invalidated with the annulment. The Revenue's appeal regarding the Rs. 2,85,000 addition under section 69C was dismissed, as the annulment rendered it moot. The reassessment proceedings for the assessment year 1999-2000 were also invalidated due to procedural defects, confirming the Commissioner's order. en-us Tue, 31 Oct 2006 00:00:00 +0530 Mon, 04 Mar 2024 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55047 The Tribunal annulled the assessments for both years, finding the reopening under sections 147/148 without jurisdiction. The Rs. 6,00,000 addition for bogus purchases was not sustained, as purchases were deemed unverifiable, not bogus. Penalty proceedings under section 271(1)(c) and interest charges under sections 234A and 234B were invalidated with the annulment. The Revenue's appeal regarding the Rs. 2,85,000 addition under section 69C was dismissed, as the annulment rendered it moot. The reassessment proceedings for the assessment year 1999-2000 were also invalidated due to procedural defects, confirming the Commissioner's order. Case-Laws Income Tax Tue, 31 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55047