Disallowance of expenses on account of bogus purchases - Merely ...

Expenses Can't Be Denied Just for Non-Appearance; Valid Evidence Supports Real Purchases, Not Bogus Claims.

March 29, 2022

Case Laws Income Tax AT

Disallowance of expenses on account of bogus purchases - Merely on account of non appearance of parties, purchase transactions conducted with them could not be said to be bogus when otherwise the assessee had filed all relevant evidences in support and the book results of the assessee were accepted including sales made by it. - AT

View Source

← Previous Next →

Disallowance of expenses on account of bogus purchases - Merely ...

Expenses Can't Be Denied Just for Non-Appearance; Valid Evidence Supports Real Purchases, Not Bogus Claims.

March 29, 2022

Case Laws Income Tax AT

You may also like:

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

The assessee provided documentary evidence supporting the purchase and subsequent sale of shares leading to long-term capital gains (LTCG). The evidence included...

Addition of bogus purchases - There is no doubt that these parties are non-existent - purchase bills from these non-existent the/bogus parties cannot be taken as cogent...

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

CESTAT rejected appeals for default under Rule 20 of CESTAT (Procedure) Rules, 1982, due to appellant's non-appearance at hearings without valid justification. Following...

Assessment u/s 153C - disallowance made u/s 37. Assessing Officer observed no supporting evidence for claimed expenses furnished by assessee and non-cooperation during...

Bogus purchase - purchase bills from these non-existent the/bogus parties cannot be taken as cogent evidence of purchases, in light of the overwhelming evidence the...

Inflation in expenses or bogus/inflated purchases - Since, the printouts of the hard disc clearly mentioned that "forecast" and since, the Assessing Officer in the two...

Addition u/s 69C - bogus purchases - Enquiries conducted by the AO prove the fact that purchases from the above parties are bogus which are not supported by necessary...

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...

The assessee university's application for registration u/s 10(23C)(vi) was rejected due to non-submission of audited accounts and failure to provide necessary...

Disallowance of various expenses on ad hoc basis - While scrutinizing the expenditure if the expenses claimed are not having any nexus to the business of the assessee or...

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...

Ad-hoc disallowances of the expenses - the expenses claimed for the purpose of the business cannot be disallowed merely on the reasoning that these expenses were...

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

Quick Updates: