Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

Undisclosed purchase - purchases were not properly entered - ...

Case Laws     Income Tax

February 5, 2020

Undisclosed purchase - purchases were not properly entered - there was “Excess Book Stock” as compared to “Physical Stock - We do not find any perversity in the said findings of the learned Tribunal based on the admission of the Assessee himself

View Source

 


 

You may also like:

  1. Addition u/s 69C - When the excess stocks were found during the Survey, there is no question of allowing the Assessee to record any additional purchases because such...

  2. Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

  3. The assessee was found with excess stock of jewellery during a search operation. The Assessing Officer (AO) invoked provisions of Sections 69A and 69B, treating the...

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

  5. 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...

  6. Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee...

  7. Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

  8. 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...

  9. Unexplained expenditure under section 69C - allegation that, 18340 kilograms of wheat flour was purchased from the open market and had not shown the purchase cost of...

  10. Undisclosed income u/s 69B - stock submitted to the bank - Such a tendency tantamount to commercial immorality for obtaining unjustified gains in the form of higher...

  11. Territorial Jurisdiction - Levy of GST - Both the transactions of Sale and purchase are done outside India - the applicant is involved in supply of books, purchased from...

  12. Loss in respect of embezzlement of stock by an employee - loss of jewellery/stock is allowed as the assessee substantiated its claim and filed relevant evidence proving...

  13. Addition u/s 68/69 - undisclosed income - absence of source of purchase of the property - Merely, because the assessee’s PAN number was mentioned as he was the Director...

  14. Excess stock found during survey - search conducted u/s 133A - the excess stock found during search is nothing but business stock carried on by assessee which is not...

  15. Addition u/s 40A - purchases in cash in excess of ₹ 20,000/ - case of the assessee that all the cash purchase are fully covered under Rule 6DD(e)(ii) of the Income...

 

Quick Updates:Latest Updates