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Income Tax - Highlights / Catch Notes

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Addition u/s 69C - bogus purchases - there is no evidence ...

Income Tax

January 20, 2017

Addition u/s 69C - bogus purchases - there is no evidence brought on record by the AO to establish that the said payments were routed back to the assessee, the addition made by the AO under section 69C of the Act is unsustainable - AT

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  9. Understatement of sales - search and seizer operation were carried wherein the certain loose papers were found and seized - When all the explanation, documents were...

  10. Addition u/s 69C - bogus purchases of diamonds - The decision emphasizes the principle that where the genuineness of purchases is in question, but corresponding sales...

  11. Bogus purchase - AO added the entire amount of bogus purpose instead of GP ratio - CIT(A) deleted the additions - there is nothing on record which demonstrates the...

  12. Rejection of books of accounts - There cannot be negative onus on assessee to prove it has not made purchases from NSEL in dispute. No evidence of any sham...

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