METAL INDIA vs ITO

Authority: ITAT Tribunal/Court: Delhi Date: 2018-10-31 AY: 2006-07 Section: 40A(3), 147 Acts: Income Tax Act 1961 Result: Assessee Citation: 1118Taxpundit36 Justices: H.S. SIDHU JM & L.P. SAHU AM Appeal No: ITA NO. 2862/DEL/2016
Whether the reassessment proceedings were validly initiated based on fresh tangible material? --- Held Yes by High Court. Whether the additions for bogus purchases and enhancements by CIT(A) were justified? --- Held No, deleted by ITAT.

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