Bogus purchases - department had neither disputed the assessee's ...

Case Laws Income Tax

June 3, 2019

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 correct in coming to the conclusion that the purchases cannot be rejected without disturbing the sales in case of a trader - correctly restricted the additions @ of G.P. rate on purchases at the same rate of other genuine purchases

View Source

← Previous Next →

Bogus purchases - department had neither disputed the assessee's ...

Case Laws Income Tax

June 3, 2019

You may also like:

Additions towards Bogus purchases - When the figures of purchase shown by the assessee in the profit and loss account are matching with the figures certified by the...

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...

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...

The case involves bogus purchases u/s 69C, with the assessee dealing in bullion. The Gross Profit (GP) rate estimation is crucial. The assessee argued that the GP rate...

Addition of bogus purchases - The CIT (A) came to the conclusion that it is a case of purchases from gray market and thereafter, bills have been procured from hawala...

Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

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. -...

Bogus sale purchase transactions - providing accommodation entries - Though it is not the case of reopening but assessment, hence the higher burden lies on the assessee...

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...

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...

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

Additions towards bogus purchases without raw material there cannot be any finished products. The assessee has filed stock details before the authorities which show that...

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 -...

Bogus purchases - Since the corresponding sales have been accepted and the assessee had shown reasonable gross profit on sale, therefore, confirming the addition to the...

Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

Quick Updates: