Non- genuine purchases - when the sales effected by the ...

Sales Acknowledged by Suppliers Validate Assessee's Purchases as Genuine.

July 18, 2016

Case Laws Income Tax AT

Non- genuine purchases - when the sales effected by the suppliers are accepted in their hands, the purchases made from them by the assessee cannot be held to be non- genuine. - AT

View Source

← Previous Next →

Non- genuine purchases - when the sales effected by the ...

Sales Acknowledged by Suppliers Validate Assessee's Purchases as Genuine.

July 18, 2016

Case Laws Income Tax AT

You may also like:

Bogus purchases - Burden of proof - The Tribunal found that the assessee had adequately demonstrated the genuineness of purchases through detailed documentation and...

Bogus purchases - department had neither disputed the assessee's sales nor shown any discrepancy between the purchases shown and the sales declared - the Tribunal was...

Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

The assessee had made purchases from M/s. HJM Fuels Pvt. Ltd., which the Department treated as bogus and added a profit element. The assessee pointed out discrepancies...

Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

Estimation of income - Bogus purchases - Specific information received from the Sales Tax Department to indicate that certain purchases made by the assessee were...

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

Additions towards bogus purchases - Non genuine purchases of fabric made by the appellant - Opening of the bank account by the suppliers in the same bank in which...

Open purchase order - inter-state sale or not - The Open Purchase Orders do not constitute any Contract. The Purchase Orders issued from time to time for supply of goods...

Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...

Bogus sale purchase transactions - providing accommodation entries - Though it is not the case of reopening but assessment, hence the higher burden lies on the assessee...

Bogus purchases - oil cakes shown as purchases by the assessee from 33 parties were not genuine transactions -Tribunal was justified in disallowing 25% of the purchase price - HC

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...

Unexplained cash credit addition rightly deleted as amount credited in sales account and offered as income. Non-genuine purchases addition rightly deleted based on...

Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

Quick Updates: