Bogus purchases - Merely because the assessee was being ...

Case Laws Income Tax

August 11, 2015

Bogus purchases - Merely because the assessee was being prosecuted for keeping the sugar beyond the permissible limit and was trading in the same by sale and purchase on as is where is basis and as per his own case on credit could not entitle the Assessing Officer to add the value of the sugar to his undisclosed income which was done on the basis of conjectures. - HC

View Source

← Previous Next →

Bogus purchases - Merely because the assessee was being ...

Case Laws Income Tax

August 11, 2015

You may also like:

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...

Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers,...

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

Levy of purchase tax - Valuation - The Tribunal is justified in imposing the purchase tax on the Assessee Sugar Mill on the entire purchase price including the...

Levy of purchase tax - valuation - The Tribunal is justified in imposing the purchase tax on the Assessee Sugar Mill on the entire purchase price including the...

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...

Bogus purchases - estimation of profit of 17.5% on the total alleged bogus purchases and thereafter, to delete the balance amount of addition - merely because the...

Bogus purchases u/s 69C - merely because the assessee is able to produce the purchase bills evidencing the VAT charged to the assessee, does not establish the factum of...

The bogus transactions are a camouflage and dishonest attempt to avoid tax, resulting in addition to the assessee's income. The AO's approach should be well-considered,...

Bogus purchases - profit @12.5% upheld - purchases through the grey market - reduction of gross profit already shown and offered to tax from profits earned by the...

Bogus Purchase - determinitation of income - Merely, it is pointed out that the assessee was a trader and ITAT retained 12.5% of the purchase towards its possible profit...

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

Addition u/s 69C - bogus purchase bills - AO was having complete information about those parties - The ld. AO himself made any enquiry with those parties further with...

Revision u/s 254 - NP estimation on turnover - Bogus bills for purchase of diamonds - it is nothing, but a bogus claim of expenditure recorded in the books of accounts...

Estimation of income - Bogus purchases - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...

Quick Updates: