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 May 2017 Year 2017 This

Addition on the alleged bogus purchase - AO cannot sit back and ...


AO Can't Add Bogus Purchases Based Only on Sales Tax Data and Section 133(6); Needs Thorough Investigation.

May 24, 2017

Case Laws     Income Tax     AT

Addition on the alleged bogus purchase - AO cannot sit back and make the addition by simply relying upon the information obtained from the Sales Tax Department and issuing notices u/s 133(6) - 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. 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...

  3. Bogus purchases - estimation of income - Sales Tax Department has proved beyond doubt that the parties declared as hawala traders were involved in providing...

  4. Estimation of income - Bogus purchases - The Tribunal considered similar cases and upheld the decision to restrict the disallowance to 6% of the impugned purchases. They...

  5. Levy of purchase tax payable - purchase of turmeric - Section 12 (2) of the Tamil Nadu Value Added Tax, 2006 - There was a paradigms shift from TNGST Act, 1959 when...

  6. Reassessment notice u/s 148 was validly issued within the six-year time limit. The Assessing Officer (AO) recorded reasons for reopening on 19.03.2018, prior to...

  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. 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 -...

  9. Bogus purchases - addition @ 12.5% of the bogus purchases - accommodation entries - no actual delivery of goods - notices issued u/s 133(6) were returned back unserved...

  10. The ITAT held that in cases of accommodation entries, additions should be limited to the profit element embedded in the bogus transactions rather than the entire...

  11. Disallowance of bogus purchase - Since, sales have not been doubted; entire disallowance of purchase is not sustainable - 6% disallowance of bogus purchase sustained by...

  12. 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...

  13. The Supreme Court interpreted the definition of "purchase price" u/s 2(18) of the Gujarat Value Added Tax Act, 2003 (GVAT Act). It held that purchases on which value...

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

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

 

Quick Updates:Latest Updates