Bogus purchases - CIT(A) was fully justified in deleting the ...

Tax Appeals Win: CIT(A) Deletes Bogus Purchase Additions, Citing Progressive Gross Profit Rate Accepted by AO.

February 17, 2016

Case Laws Income Tax AT

Bogus purchases - CIT(A) was fully justified in deleting the addition made by the AO on account of alleged bogus purchases particularly when the GP rate declared by the assessee was progressive and was accepted by the AO. - AT

View Source

← Previous Next →

Bogus purchases - CIT(A) was fully justified in deleting the ...

Tax Appeals Win: CIT(A) Deletes Bogus Purchase Additions, Citing Progressive Gross Profit Rate Accepted by AO.

February 17, 2016

Case Laws Income Tax AT

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...

Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

Assessment u/s 153A - Bogus purchases - Admittedly in subsequent years there was no seized material available and the learned assessing officer has not extrapolated the...

Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

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,...

The assessee declared purchases from parties issuing bogus purchase vouchers without actual transactions, merely laundering unaccounted money to claim deduction u/s...

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

Bogus purchase - Though purchases were from bogus parties nevertheless purchases themselves were not bogus. - in the absence of the purchases, there could not be sales -...

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...

Bogus purchases - GP Estimation on bogus purchases - CIT(A) was right in estimating 6% gross profit on alleged non genuine purchases and further allowed deductions...

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...

Addition of non-genuine and merely accommodation entries - There could be several reasons for arranging bogus accommodation entries towards bogus purchases, which could...

The case involves bogus purchases u/s 69C, with the assessee dealing in bullion. The Gross Profit (GP) rate estimation is crucial. The assessee argued that the GP rate...

Quick Updates: