Home Highlights March 2019 Year 2019 This

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

2. Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such...

3. 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...

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

5. Bogus purchases - assessee has shown purchases from ‘A’ but actually procured the material from ‘B’. In this exercise, the assessee might have saved Excise Duty etc. -...

6. The case pertains to the estimation of income and disallowance of bogus purchases. The purchases were deemed sham transactions fabricated through bogus paper concerns...

7. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

8. 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...

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

10. Estimation of income - Bogus purchases - The doubt, if any, is only with regard to the source of purchases. In such circumstances, the entire purchases cannot disallowed....

11. 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 -...

12. 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...

13. 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...

14. 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...

15. Estimation of income - bogus purchases - A.O. has observed that respondent has purchased material from someone else while bogus bills were organized by these Hawala...