Bogus sale - allegation of unaccounted sale to the petrol pump ...

December 31, 2019

Case Laws Income Tax AT

Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department except the ad hoc addition by the sales tax department for the assessment year 2000-01. Indeed, such ad hoc addition represents the enhanced value of sale price, but it was never compared with the price of the patrol. - Additions deleted in the absence of sufficient documentary evidence.

View Source

← Previous Next →

Bogus sale - allegation of unaccounted sale to the petrol pump ...

December 31, 2019

Case Laws Income Tax AT

You may also like:

The assessee, a sole proprietor running a petrol pump allotted by BPCL, deposited unexplained cash in the current bank account. The AO invoked Section 69A and made an...

Levy of differential Additional Duty of Customs - Valuation for CVD - In this case since the goods are not sold to the consumer there cannot be a retail sale price. The...

Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

Undisclosed income - since the advances made to boat owners was subject to tax out of which fish was supplied and Same was sold and the sale proceeds was shown as...

Sale tax paid on sales return - allegation of bogus sales - allowable business loss - When the factum of sales return has been proved in favour of the assessee and...

E-commerce business - Selling at a price lower than the cost price - unless certain provisions such as Section 145(3)are invoked, the AO is not empowered to go beyond...

The case pertains to allegations of money laundering, charging of illegal commissions, sale of unaccounted illicit country liquor using holograms, and payment of annual...

Valuation - sale of Gypsum - mere bifurcation of the sale price of the goods in a mutual contract between the parties under a separate bargain or even a common bargain...

Valuation of goods - method of valuation - sale of goods from depot / customer care center - It is found that the form in which the goods have been sold at depot are in...

TP Adjustment - Naturally when sales price consists of price for warranty and After sales services, which are promised at the time of sales, naturally corresponding...

Benefit of sales tax exemption - sale price were same from the exempted and non-exempted units - Uniform pricing cannot be a ground to hold that the respondent was...

Assessment of sales shown in accounts at low prices - Benefit of exemption from VAT - sale of footwear - The language of the section is specific insofar as it states...

Classification of goods - rate of tax - sale of solar driven submersible pump (water pump) - The Solar driven submersible water pump comprising of Solar panel,...

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...

Unaccounted purchases - unaccounted income of the assessee - it is difficult to accept the arguments of the assessee that income earned out of unaccounted sales is...

Quick Updates: