Home Highlights April 2016 Year 2016 This

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1. Disallowance u/s 40A(3) - Cash purchase of paddy - Purchase from the farmer or trader - The status of the seller as farmer or trader is determined by the Mandi Samiti at...

2. Disallowances on account of non-payment of VAT before prescribed return filing date u/s 139(1) - assessee's submission of exclusive method of accounting without debiting...

3. The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

4. Levy of Purchase Tax - purchases of such seeds from various farmers - the assessee had made purchases of seeds from the farmers who are unregistered dealers - the...

5. Estimation of income - Bogus purchases - The doubt, if any, is only with regard to the source of purchases. In such circumstances, the entire purchases cannot disallowed....

6. 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...

7. Disallowance of expenses on account of bogus purchases - Merely on account of non appearance of parties, purchase transactions conducted with them could not be said to...

8. Disallowance of paddy purchase - purchases from Societies and Samathies - A bogus purchase implies no purchase, while verification w.r.t. s. 40A(3) necessarily implies a...

9. Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

10. 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...

11. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

12. Computation of Capital Gain - provision for site development expenses against sale of plots and the disallowance being premium on re-purchase - Once the plots are sold...

13. Addition on account of software purchase - software was purchased and subsequently sold to customer and was not used by the assessee - addition deleted - AT

14. Trading addition - Estimation of income - bogus purchases - when purchased are duly accepted by the VAT Department including the sales and manufacturing account and the...

15. Nature of expenditure - revenue or capital - In order to carry on their business, they were in need of herbal coleus plants. they thought of roping the farmers for...