Revision u/s 263 - Bogus purchases - it is not understood what ...

Section 263 Power Deemed Invalid for Alleged Bogus Purchases; Assessment Order Remitted Without Specific Directions Questioned.

January 20, 2020

Case Laws Income Tax AT

Revision u/s 263 - Bogus purchases - it is not understood what more can be achieved by setting aside the assessment order and restoring the issue to him for making a fresh assessment without any specific direction - exercise of power u/s 263 in the facts of the instant case is not valid.

View Source

← Previous Next →

Revision u/s 263 - Bogus purchases - it is not understood what ...

Section 263 Power Deemed Invalid for Alleged Bogus Purchases; Assessment Order Remitted Without Specific Directions Questioned.

January 20, 2020

Case Laws Income Tax AT

You may also like:

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

Estimation of income - bogus purchases - The Tribunal recognized the appellant's unique case, where only alleged bogus purchases of diamonds were evident. Referring to...

The ITAT decided in favor of the assessee. The Central Excise Directorate had issued a show-cause notice alleging that the assessee had claimed CENVAT credit on bogus...

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...

Power of revision under section 263 – Amendment to Explanation to Section 115 JB - subsequent amendment in 2005 even though retrospective will not attract the provision...

Revision u/s 263 - When the ld. Commissioner issued a show cause notice under section 263 and ultimately passed impugned order; by that time the alleged domestic...

CIT(A) allowed assessee to withdraw appeal against section 263 revision order, stating Tribunal quashed section 263 order and CIT(A) erred in not deciding appeal merits....

Estimation of profit - purchase from hawala operators - bogus purchases - CIT(A) estimated GP @ 17.5% on alleged bogus purchases as against 7.11% declared by the...

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

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

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...

Validity of Revision u/s 263 against invalid assessment - The Tribunal held that the original assessment order, being framed in the name of a deceased person, was...

Revision u/s 263 - Once the valuation report has not been sent by the valuation officer to the assessing officer/assessee, within the period stipulated by the act that...

Revision u/s 263 - applicability of section 56(2)(x) - assessee acquired leasehold/freehold land and building from the BDMC - The ITAT found that the revisionary...

Section 263 revision - Unexplained income u/s 69A read with Section 115BBE - Cash seized shown as 'income from other sources' - Whether to be treated as unexplained...

Quick Updates: