Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Bogus purchases - Additions u/s 69C - the existence of the ...


Court Examines Bogus Purchases Allegations u/s 69C of Income Tax Act; Vendor Existence in Question.

November 28, 2013

Case Laws     Income Tax     AT

Bogus purchases - Additions u/s 69C - the existence of the vendor party which has sold the goods to the assessee company is doubtful and appeared to have been issued the accommodation entries only but this fact stands alone cannot make the purchase bogus - AT

View Source

 


 

You may also like:

  1. The case pertains to the estimation of income and disallowance of bogus purchases. The purchases were deemed sham transactions fabricated through bogus paper concerns...

  2. The HC ruled against the approach of estimating profit (at 12.5%) on bogus purchases, finding it contradictory to Section 69C of the Income Tax Act. The court reasoned...

  3. Addition u/s 69C - bogus purchases - Enquiries conducted by the AO prove the fact that purchases from the above parties are bogus which are not supported by necessary...

  4. Estimation of income - bogus purchases - The Tribunal considered the facts surrounding the alleged bogus purchases. Despite the inability of the assessee to establish...

  5. Addition u/s 69C - bogus purchases of diamonds - The decision emphasizes the principle that where the genuineness of purchases is in question, but corresponding sales...

  6. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

  7. The appellant failed to prove the genuineness of the purchase transactions, and the goods were received from parties other than those from whom they were shown to have...

  8. Estimation of income - bogus purchases - A.O. has observed that respondent has purchased material from someone else while bogus bills were organized by these Hawala...

  9. Bogus purchases u/s 69C - Search action u/s 132 at the premises of assessee and certain incriminating material indicating the bogus purchases shown by the assessee was...

  10. Unexplained purchase u/s 69C - alleged that purchase is not genuine and made from bogus biller/ accommodation entry provider - factual finding that no independent...

  11. Addition of bogus purchases - The CIT (A) came to the conclusion that it is a case of purchases from gray market and thereafter, bills have been procured from hawala...

  12. In the case of 2024 (5) TMI 1132 before the ITAT Mumbai, the issue pertained to penalty proceedings u/s. 271(1)(c) concerning the estimation of income on bogus purchases....

  13. Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

  14. Estimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds purchased from somewhere else at a lower cost - The ITAT noted the...

  15. Unexplained expenditure under section 69C - allegation that, 18340 kilograms of wheat flour was purchased from the open market and had not shown the purchase cost of...

 

Quick Updates:Latest Updates