Unverifiable purchases - Merely maintaining the books of ...

Case Laws Income Tax

June 30, 2021

Unverifiable purchases - Merely maintaining the books of accounts and not giving a plausible explanation regarding the purchases, the same cannot be stated that it is identical to the earlier Assessment Year 2011-12. This issues are a factual centric and purchases may be different in each year. The matter is not identical to that of Assessment Year 2011-12 in context of each Assessment Year is a different Assessment Year and to prove that these are estimated additions has to be determined after the proper perusal of the evidence before the AO. - AT

View Source

← Previous Next →

Unverifiable purchases - Merely maintaining the books of ...

Case Laws Income Tax

June 30, 2021

You may also like:

Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...

Denial of Exemption u/s. 11 - non maintaining of separate ledger accounts - assessee is maintaining separate ledger for earning this income and also maintaining separate...

The assessee declared purchases from parties issuing bogus purchase vouchers without actual transactions, merely laundering unaccounted money to claim deduction u/s...

Rejection of turnover appearing in the books of accounts - It is already well-settled that in the absence of any definite adverse material accounts kept in regular...

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...

Penalty u/s 271B - failure to get the books of accounts audited u/s 44AB - addition made during the assessment proceedings on the basis of unaccounted sale cannot be...

Unexplained bank deposit u/s 68 - bank passbook - After the introduction of the definition of the books or books of account u/s 2 (12A), the passbook can also be...

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...

Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only...

Assessment u/s 153C - the assessee cannot be held to be having control over what the third person records in his regular books of accounts or in the parallel books of...

Rejection of books of accounts - estimation of income - Unexplained Investment in Purchases - A.O has accepted all other transactions of purchases and payment made...

Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

Addition u/s 68 - assessee has shown its return of income u/s 44AD - it is undisputed fact that the assessee had not maintained books of account that is why he opted for...

Quick Updates: