Bogus purchases - tribunal hold that no addition can be made ...

Case Laws Income Tax

July 20, 2019

Bogus purchases - tribunal hold that no addition can be made merely on the basis of the statement recorded by the third party i.e. Sales Tax Department - two Revenue authorities have recorded concurrent finding with regard to the genuineness of the transactions, hence not like to disturb the same in the present appeal - no substantial question of law

View Source

← Previous Next →

Bogus purchases - tribunal hold that no addition can be made ...

Case Laws Income Tax

July 20, 2019

You may also like:

Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

Estimation of income - Bogus purchases - Reliance on retracted statement - The ITAT, after reviewing the case, noted discrepancies in the reliance on these statements...

Additions merely on the basis of statement - It seems that addition has been made merely on the basis of statement/presumptive basis and no corroborative material has...

Use of materials seized and the statement furnished by the third parties against the assessee - the opportunity for the rebuttal to the assessee for the seized documents...

Bogus loans u/s 68 - unsecured loans from the three loan creditors and interest on loans - reliance on third party statement - The ITAT upheld the CIT(A)'s order,...

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

Bogus purchases - accommodation entry - at best it would be a case that purchases have been made from one party in grey market and bills have been obtained from another...

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...

Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

Valuation - Reliance on the statement made before the customs officers - recording of statement u/s 108 - Certainly a statement recorded under duress or coercion cannot...

Addition made u/s 69C of the Income Tax Act for alleged cash payments based on a WhatsApp message and statement of a third party. The key points are: The WhatsApp...

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

Additions on the basis of Admission / statement made during survey - facts create doubt regarding the genuineness of the survey. Thus addition has been made without any...

Additions based on 26AS statement - undisclosed income - Petitioner has not made any complaint at any stage regarding any fictitious or wrong entries in the 26AS...

Quick Updates: