Home Highlights April 2016 Year 2016 This

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1. Addition of bogus purchases - allegation made by the VAT Department that the suppliers are Hawala operators - The grievance of the VAT authorities was on non-payment of...

2. 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...

3. Assessment u/s 153A - Addition of bogus purchases on protective basis in the hands of the assessee - Unless, it is brought over knowledge the fate of substantive...

4. Additions towards Bogus purchases - When the figures of purchase shown by the assessee in the profit and loss account are matching with the figures certified by the...

5. 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...

6. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

7. 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...

8. 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...

9. Addition made on the basis of declaration of the assessee during search action - bogus purchases - The said letter clearly indicates that the additional income declared...

10. Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

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. Bogus purchases u/s 69C - merely because the assessee is able to produce the purchase bills evidencing the VAT charged to the assessee, does not establish the factum of...

13. Purchase of material in the grey market - the addition, which could be made, was to account for profit element embedded in these purchase transactions to factorize for...

14. Inflation in expenses or bogus/inflated purchases - Since, the printouts of the hard disc clearly mentioned that "forecast" and since, the Assessing Officer in the two...

15. 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...