Home Highlights March 2019 Year 2019 This

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1. Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers,...

2. Bogus purchases - assessee wants the Revenue to produce assessee’s own vendors, whom the assessee could not produce. The purchase bills from these non-existent/bogus...

3. Bogus purchase - it is strange that assessee wants the Revenue to produce assessee’s own vendors, whom the assessee could not produce. The purchase bills from these...

4. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

5. Bogus purchases u/s 69C - merely because the assessee is able to produce the purchase bills evidencing the VAT charged to the assessee, does not establish the factum of...

6. Bogus share transactions involving abnormal price rise in penny stock shares - Assessee produced evidence of share purchase, existence in demat account - AO failed to...

7. CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

8. Bogus purchases - the assessee could not produce the transportation evidences or expenditure incurred on account of transportation in regard to these purchases. - the...

9. Bogus purchases u/s 69C - Search action u/s 132 at the premises of assessee and certain incriminating material indicating the bogus purchases shown by the assessee was...

10. The assessee provided documentary evidence supporting the purchase and subsequent sale of shares leading to long-term capital gains (LTCG). The evidence included...

11. 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...

12. 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...

13. Addition u/s 69C - bogus purchase bills - AO was having complete information about those parties - The ld. AO himself made any enquiry with those parties further with...

14. Estimation of income - Bogus purchases of diamonds - There is evidence received by the Revenue that the entire purchases made by the assessee is bogus i.e., the assessee...

15. Addition u/s 68 - Levy of penalty u/s 271(1)(c) - concealment of particulars - unexplained cash credit / bogus purchases - At the time of assessment, the...