Bogus purchases - The exclusion of purchases from the trading ...

Case Laws Income Tax

January 4, 2024

Bogus purchases - The exclusion of purchases from the trading results is not permissible without corresponding exclusion of the sales in such trading activity for arriving at a fair and balanced view. The action of the AO patently offends the rudimentary principle of accounting. - AT

View Source

← Previous Next →

Bogus purchases - The exclusion of purchases from the trading ...

Case Laws Income Tax

January 4, 2024

You may also like:

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 bogus transactions are a camouflage and dishonest attempt to avoid tax, resulting in addition to the assessee's income. The AO's approach should be well-considered,...

Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

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

Addition of bogus purchases - The CIT (A) came to the conclusion that it is a case of purchases from gray market and thereafter, bills have been procured from hawala...

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

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...

Bogus purchases of goods - When the entire purchases made from TTPL was available as stock as at the year end, then the disallowance of purchases should result in...

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

Reopening of assessment u/s 147 - Bogus purchases - In view of failure on the part of the assessee in substantiating the purchases from those two parties, the Assessing...

Additions towards bogus purchases without raw material there cannot be any finished products. The assessee has filed stock details before the authorities which show that...

Bogus purchases - profit @12.5% upheld - purchases through the grey market - reduction of gross profit already shown and offered to tax from profits earned by the...

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 - CIT- A estimated profit from Hawala purchases by disallowing only 12.5% of the bogus purchases - Anyhow, on seeing the facts and circumstances, it...

Bogus purchases - accommodation entry - at best it would be a case that purchases have been made from one party in grey market and bills have been obtained from another...

Quick Updates: