Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 659 - ITAT DELHIReopening of assessment u/s 147 - bogus purchases - HELD THAT:- Initiation of reassessment proceedings as well as issuance of notice u/s 148 of the Act was not valid and the same was void ab initio and thus, liable to be quashed along with assessment order passed in pursuance thereto. Also following the decision of the Tribunal in the case of Unique Metal Industries [2015 (10) TMI 2753 - ITAT NEW DELHI] whereby the addition of 20% of the purchases sustained by the Id. CIT(A) has been deleted in the identical facts and circumstances of the case, are not inclined to sustain the similar addition in the instant case. Consequently, the grounds of the assessee on merits are also found covered in favour of assessee by the aforesaid decision. Appeal of assessee allowed.
|