Home Highlights March 2019 Year 2019 This

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1. 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...

2. Re-opening assessment u/s 147 by issuing notice u/s 148 - disallowance on account of bogus purchase - As observed earlier not only there existed new information with the...

3. Reopening of assessment u/s 147 - bogus purchases - not only there existed new information with the AO from the credible sources, but also he had applied his mind and...

4. 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...

5. Reopening of assessment u/s 147 - Bogus software purchase - Assessing Officer has accepted the net profit as per the books of account and merely on surmises and...

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. Trading addition - Estimation of income - bogus purchases - when purchased are duly accepted by the VAT Department including the sales and manufacturing account and the...

8. Reopening of assessment u/s 147 - Mere production of books of account and the details by the assessee are one aspect of the matter and even with reference to such books...

9. Reopening of assessment u/s 147 - Bogus purchases - In view of failure on the part of the assessee in substantiating the purchases from those two parties, the Assessing...

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. The Appellate Tribunal held that the assessment u/s 147 was invalid as no addition was made for the issue recorded in the reasons u/s 148(2). The AO's addition u/s 69C...

12. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

13. Validity of the reassessment proceeding framed u/s 147 - Admittedly, the addition on account of bogus purchases has been made by the AO which is sufficient enough for...

14. Reassessment u/s 147 - bogus purchases - When the investigation wing has received specific information from another gov. Dept. that assessee has indulged in hawala...

15. Validity of reopening assessment u/s 147 regarding undisclosed foreign bank account income examined. Non-providing sufficient opportunities and violation of principles...