Home Highlights April 2019 Year 2019 This

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1. 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...

2. Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

3. 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...

4. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

5. Estimation of profit @ 8% on the alleged bogus purchases - the assessee has failed to prove beyond doubt that the purchases made from the concerned parties are genuine,...

6. 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...

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

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

9. Estimation of income - Bogus purchases - The assessee is engaged in reselling of ferrous and non-ferrous metals and in such circumstances we have to apply profit rate...

10. Estimation of income - bogus purchases - As average of gross profit for each of the years works out to only 0.6% for the assessee. But it is pertinent to note that...

11. Bogus purchases - estimation of income - Sales Tax Department has proved beyond doubt that the parties declared as hawala traders were involved in providing...

12. 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...

13. Estimation of income - Bogus purchases of diamonds - There is evidence received by the Revenue that the entire purchases made by the assessee is bogus i.e., the assessee...

14. 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...

15. Estimation of income - bogus purchases - A.O. has observed that respondent has purchased material from someone else while bogus bills were organized by these Hawala...