Addition u/s 68 / 69C - unverified/non-existent /bogus sundry ...

Case Laws Income Tax

November 26, 2020

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 from parties who are not maintaining proper records or who have made adverse statements and, therefore, the assessee cannot be equated with another assessee who is maintaining records meticulously and not making purchase from grey market. - adoption of GP rate of 16% on such unsubstantiated purchases from the six creditors will meet the ends of justice. - AT

View Source

← Previous Next →

Addition u/s 68 / 69C - unverified/non-existent /bogus sundry ...

Case Laws Income Tax

November 26, 2020

You may also like:

Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove...

Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

Addition u/s 68 - Unexplained sundry creditors - CIT(A) deleted the additions - if we presume that the basis adopted by the CIT(A) is correct then also the nature and...

Addition u/s 68 - unexplained cash credit - even if the creditworthiness of the investors is not proved, even then it will not automatically give license to the AO to...

Addition u/s. 41 (1) or u/s 68 - no reply by sundry creditors u/s 133(6) - AO has accepted purchases as genuine and the amount outstanding in the name of sundry...

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Addition u/s 68 - outstanding sundry creditors - the said sundry creditors were paid in the subsequent year through banking channels and that the assessee has had...

Additions on the ground of Bogus sundry creditors - since for the earlier years, assessee had opted for presumptive taxation under section 44D of the Act and therefore,...

Addition u/s 68 - Unexplained cash creditors - once it is established that it is the creditors' money that has found its way in the books of the assessee, no adverse...

Reopening of assessment - Addition u/s 68 - unsecured loans treated as bogus - reassessment merely based on information from investigation wing held unjustified. Powers...

Bogus shareholders – when full details known to department, no additions be made u/s 68 - HC

The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The...

Quick Updates: