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 February 2019 Year 2019 This

Reopening of assessment - Bogus purchases - estimation of profit ...

Case Laws     Income Tax

February 25, 2019

Reopening of assessment - Bogus purchases - estimation of profit @ 12.50% - Estimation of the profits requires some guess work to assess income - as assessed by both the authorities below is very reasonable and fair and do not call for our interference.

View Source

 


 

You may also like:

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

  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. 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...

  4. Taxability of Bogus purchase - Estimation of profit - in cases where purchases are not proved with necessary evidences, only profit element embedded on those purchases...

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

  6. Estimation of income - Bogus purchases - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...

  7. Estimation of income - Bogus purchases - The assessee is engaged in reselling of ferrous and non-ferrous metals and in such circumstances we have to apply profit rate...

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

  9. Bogus purchases - estimation of profit - It could be safely concluded that assessee could have made purchases only from grey market in order to have savings from VAT and...

  10. Estimation of income - bogus purchases - As average of gross profit for each of the years works out to only 0.6% for the assessee. But it is pertinent to note that...

  11. 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...

  12. Estimation of profit @ 8% on the alleged bogus purchases - the assessee has failed to prove beyond doubt that the purchases made from the concerned parties are genuine,...

  13. 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...

  14. 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 -...

  15. 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...

 

Quick Updates:Latest Updates