Home Highlights August 2017 Year 2017 This

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1. 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...

2. Addition u/s 69C on account of unexplained expenditure - benefit of telescoping - The assessee can get the telescoping benefit for addition on account of bogus purchases...

3. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

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

5. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

6. Reopening of assessment for bogus purchases was upheld as the Assessing Officer had credible information of money laundering and foreign outward remittances by entities...

7. Addition u/s 69C - bogus purchases - Enquiries conducted by the AO prove the fact that purchases from the above parties are bogus which are not supported by necessary...

8. 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...

9. In this case, the Income Tax Appellate Tribunal (ITAT) examined the additions made by the Assessing Officer (AO) regarding long-term capital gains (LTCG) from share...

10. Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

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

12. Estimation of income - Bogus purchases - Second reopening assessment proceedings - The Tribunal affirms the decision of the CIT-A to delete the addition made under...

13. The assessing officer (AO) made additions to the assessee's income based on alleged bogus purchases and unexplained investments. The key points are: Addition of Rs....

14. 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...

15. Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...