Home Highlights August 2012 Year 2012 This

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1. 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...

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

3. 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...

4. Special audit u/s 142(2A) - order is silent as to on what basis and on what grounds, the accounts proposed to audit u/s 142(2A) were considered complex - Mere reference...

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

6. Dishonor of Cheque - settlement of disputes between the parties - compounding of offences u/s 138 - Needless to say, the operation or effect of a general Act can be...

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

8. Bogus purchases - CIT- A estimated profit from Hawala purchases by disallowing only 12.5% of the bogus purchases - Anyhow, on seeing the facts and circumstances, it...

9. 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...

10. Addition of bogus purchases - There is no doubt that these parties are non-existent - purchase bills from these non-existent the/bogus parties cannot be taken as cogent...

11. Bogus purchase - purchase bills from these non-existent the/bogus parties cannot be taken as cogent evidence of purchases, in light of the overwhelming evidence the...

12. 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 -...

13. Special Audit u/s 142(2A) - Personal appearance - proviso to Section 142(2A) does not envisage any personal hearing before an order under sub-section (2A) can be passed - HC

14. 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...

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...