Bogus purchasers capitalized - ITAT has held that capitalization ...

Case Laws Income Tax

February 5, 2024

Bogus purchasers capitalized - ITAT has held that capitalization cannot be denied to the assessee merely on a statement given by him, without adducing evidence of other necessary parties - The High Court upheld the ITAT's decision, allowing the capitalization of the contested expenses and rejecting the appeal by the Revenue

View Source

← Previous Next →

Bogus purchasers capitalized - ITAT has held that capitalization ...

Case Laws Income Tax

February 5, 2024

You may also like:

The Assessee, a regular investor in shares, made investments and sold a particular script when prices were high, resulting in Long Term Capital Gains (LTCG). The...

Addition u/s 68 - claim of exemption u/s 10(38) denied - Merely because a particular scrip is identified as a penny stock by the income tax department, it does not mean...

Bogus LTCG - Addition u/s 68 - Long Term Capital Gain claimed exempt u/s. 10(38) denied - primary onus to prove - Capital gain earned by the assessee cannot be held as...

Revocation of cancellation of Registration - bogus firm or not - by merely describing the assessee firm “bogus”, the respondent authority did not make known to the...

Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

Bogus transaction in the scrip - bogus LTCG - Onus to prove - Income generated by the assessee cannot be held bogus only on the basis of the modus operandi,...

Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not paid any consideration for land, the question of capitalization of...

Rejection of Revision application u/s 264 - Exemption u/s 11 denied to assessee - benefits denied merely on the ground that the donor has deducted TDS u/s 194C and 194J...

Disallowances of bogus trading loss in penny stock as well as commission expenses - admittedly there was no evidence available on record suggesting that the assessee or...

Bogus LTCG - penny stock - addition u/s 68 - The AO failed to bring on board any material to suggest that the assessee had made cash payment to the purchaser of share...

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...

Reassessment of assessment u/s 147 - Reason to believe - unexplained credit - In the reasons recorded, it is nowhere mentioned as to who had given bogus...

Refund of central excise duty paid ignoring the benefit of exemption notification - Merely because the assessee submitted the application for eligibility on 08.01.2012,...

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

Bogus capital gain on sale of long term shares - exemption u/s 10(38) denied - The holding of the shares by the assessee cannot be doubted and the finding of the AO is...

Quick Updates: