The Appellate Tribunal held that the assessment u/s 147 was ...

Assessment reopened for bogus purchases, but no valid reason found. No addition can be made without proper explanation. Appeal allowed.

Case Laws Income Tax

June 13, 2024

The Appellate Tribunal held that the assessment u/s 147 was invalid as no addition was made for the issue recorded in the reasons u/s 148(2). The AO's addition u/s 69C for bogus purchases was deemed wrong as the assessee had disclosed total purchases with explained sources. The Tribunal quashed the assessment u/s 143(3) u/s 147 as without jurisdiction. The appeal of the assessee was allowed.

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The Appellate Tribunal held that the assessment u/s 147 was ...

Assessment reopened for bogus purchases, but no valid reason found. No addition can be made without proper explanation. Appeal allowed.

Case Laws Income Tax

June 13, 2024

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