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2017 (10) TMI 820 - ITAT MUMBAIGenuinity of purchase transactions - issuance of bogus bills by Hawala Operators - addition u/s 69C of the Act - Held that: - the parties are listed as hawala operators in the list prepared by Maharashtra Sales-tax department. The parties have filed affidavit before Maharashtra Sales-tax authorities wherein they have admitted that they have not done any business, but only issued bogus purchase bills. All these facts clearly prove the fact that the above two parties are involved in providing accommodation entries without actual delivery of goods. Under these circumstances, purchases from these parties cannot be considered as genuine. What needs to be taxed is only the profit element embedded in such purchases and not the total purchases from the parties - appeal dismissed - decided against Revenue.
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