Revision u/s 263 - bogus liability towards purchases - payment ...

Case Laws Income Tax

March 19, 2022

Revision u/s 263 - bogus liability towards purchases - payment in expenditure cash during the next year - The implications, if any, in respect of discharge of liability in cash in the subsequent financial year 2016-17, a liability which has been incurred in current financial year will arise u/s. 40A(3A) and not under section 40A(3), and the AO will be at liberty to examine the same as per law for the assessment year 2017-18 and not for the impugned assessment year 2016-17. - AT

View Source

← Previous Next →

Revision u/s 263 - bogus liability towards purchases - payment ...

Case Laws Income Tax

March 19, 2022

You may also like:

Revision u/s 254 - NP estimation on turnover - Bogus bills for purchase of diamonds - it is nothing, but a bogus claim of expenditure recorded in the books of accounts...

Revision u/s 263 - expenditure on purchased CDs on Jain Religion - AO had carried out detailed enquiries and taken a plausible view and accepted the assessee's treatment...

Revision u/s 263 - Bogus expenditure towards sub-contract payments made to persons who were previously employed in the assessee’s company as supervisors / garage...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

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...

Revision u/s 263 - Cash payments towards purchase of capital goods - Violation of the provisions of section 40A(3) - PCIT himself could have examined the impugned...

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...

Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

Revision u/s 263 by CIT - cash payment made for purchase of old gold jewellery - Actually the assessee has not made any purchases in cash in alleged transactions and...

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Revision u/s 263 - bogus purchases - documents like invoices, given details of stocks, payments through the banking channels and confirmation from parties examined by AO...

The Commissioner of Income Tax (CIT) invoked Section 263 to revise the Assessing Officer's (AO) order, disallowing the amount paid on termination of an agreement,...

Addition u/s 69C on account of unexplained expenditure - benefit of telescoping - The assessee can get the telescoping benefit for addition on account of bogus purchases...

Revision u/s 263 - cash expenditure , prior period expenses, provisions for incentive etc. - CIT has not exercised jurisdiction u/s 263 on the ground of ‘no enquiry’ or...

Revision u/s 263 - Expenditure incurred on payments to sister concerns u/s 40A(2)(b) - Inaction on the part of the AO has caused prejudice to the Revenue as contemplated...

Quick Updates: