AdvertisementKishorkumar M Vyas Vs ITO (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal disposed of connected appeals filed by two assessees, an individual and an HUF, for Assessment Years 2009-10 and 2010-11 involving common issues relating to the validity of reassessment under Section 147 of the Income-tax Act, 1961 and disallowance on account of alleged non-genuine purchases. The assessees, engaged in the business of trading in iron and steel and allied products, had filed their returns of income in the regular course. For Assessment Year 2009-10, the assessments had originally been c...