Estimation of income - bogus purchases - When the Tribunal has ...

High Court Upholds Tribunal's Decision to Halve Disallowance on Bogus Purchases to 6% After Detailed Review.

September 27, 2023

Case Laws Income Tax HC

Estimation of income - bogus purchases - When the Tribunal has thought it fit to reduce the disallowance at 6% from 12.5%, the Tribunal had before it the facts which were duly analysed by it. No interference is called for in the said conclusion and findings of the Tribunal in the present appeal by this court. - HC

View Source

← Previous Next →

Estimation of income - bogus purchases - When the Tribunal has ...

High Court Upholds Tribunal's Decision to Halve Disallowance on Bogus Purchases to 6% After Detailed Review.

September 27, 2023

Case Laws Income Tax HC

You may also like:

The case pertains to the estimation of income and disallowance of bogus purchases. The purchases were deemed sham transactions fabricated through bogus paper concerns...

The High Court upheld the Income Tax Appellate Tribunal's decision to restrict the disallowance of bogus purchases to 6%, considering the facts and figures analyzed by...

Estimation of income - Bogus purchases - The Tribunal considered similar cases and upheld the decision to restrict the disallowance to 6% of the impugned purchases. They...

Estimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds purchased from somewhere else at a lower cost - The ITAT noted the...

Estimation of income - bogus purchases - The Tribunal considered the facts surrounding the alleged bogus purchases. Despite the inability of the assessee to establish...

Disallowance of bogus purchase - Since, sales have not been doubted; entire disallowance of purchase is not sustainable - 6% disallowance of bogus purchase sustained by...

Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

Estimation of income - Bogus purchases - Reliance on retracted statement - The ITAT, after reviewing the case, noted discrepancies in the reliance on these statements...

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

Bogus purchases - addition @ 12.5% of the bogus purchases - accommodation entries - no actual delivery of goods - notices issued u/s 133(6) were returned back unserved...

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 High Court upheld the validity of reassessment u/s 153C and rejected the contention of reopening assessment u/s 147. The Assessing Officer relied on the material...

Estimation of income - bogus purchases - The CIT(A) upheld the validity of reopening and granted substantial relief to the assessee by restricting the addition to 0.50%...

Estimation of income - bogus purchases - The Tribunal recognized the appellant's unique case, where only alleged bogus purchases of diamonds were evident. Referring to...

Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such...

Quick Updates: