The High Court upheld the Income Tax Appellate Tribunal's ...

High Court affirmed 6% disallowance of bogus purchases by Income Tax Tribunal based on facts & evidence. No interference warranted.

Case Laws Income Tax

July 31, 2024

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 the Tribunal. The court found no reason to interfere with the Tribunal's conclusion, which was based on the material before it, and deemed the 6% disallowance appropriate.

View Source

← Previous Next →

The High Court upheld the Income Tax Appellate Tribunal's ...

High Court affirmed 6% disallowance of bogus purchases by Income Tax Tribunal based on facts & evidence. No interference warranted.

Case Laws Income Tax

July 31, 2024

You may also like:

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

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...

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

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 - When the Tribunal has thought it fit to reduce the disallowance at 6% from 12.5%, the Tribunal had before it the facts which...

The ITAT Mumbai addressed two key issues in the case. Firstly, regarding the penalty u/s 271(1)(c), the tribunal held that the absence of a tick mark on the notice did...

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

The assessee failed to deduct tax on professional fees paid to various non-residents. The Assessing Officer (AO) held that the fees were liable to tax in India under the...

The Appellate Tribunal addressed various issues: disallowance of provisions for waste disposal expenses due to lack of evidence and scientific basis, upheld disallowance...

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 - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...

The ITAT Mumbai, in a case involving penalty u/s 271(1)(c) for estimation of income on bogus purchases, held that when additions are based on estimation, no penalty can...

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

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

Quick Updates: