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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Bogus purchases - Additions u/s 69C - assessee has not provided ...

Income Tax

June 16, 2015

Bogus purchases - Additions u/s 69C - assessee has not provided PAN No. of the parties - This cannot be the sole reason for disbelieving the explanation of the assessee, when the payments have been made by cheque duly reflected in the bank statement of the assessee - AT

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  3. 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...

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  6. Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

  7. Validity of reopening of assessment u/s 147 - Reason to believe - Addition u/s 69C on account of the capital introduced by the partner and unsecured loans - The Tribunal...

  8. Validity of reopening u/s.148 - Addition of bogus purchases - there was a categorical information wherein the assessee’s name was appearing along with details of the...

  9. Bogus purchases - information that was received by the A.O from the DGIT(Inv.) - now when the assessee had not only substantiated the authenticity of the purchases...

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

  11. 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...

  12. Additions made on account of bogus purchase - question of rejecting the purchases simply because he did not receive any information, when notices were issued under...

  13. Bogus purchases - addition made towards entire bogus purchase - Assessee has literally wasted precious time of the AO by once again issuing notices and summons to the...

  14. Bogus purchases - assessee wants the Revenue to produce assessee’s own vendors, whom the assessee could not produce. The purchase bills from these non-existent/bogus...

  15. 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...

 

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