Claim of expenses - transactions as being not genuine and ...

Court Finds Expense Claims Bogus; Gross Profit Comparison Deemed Irrelevant to Case Outcome.

June 24, 2013

Case Laws Income Tax AT

Claim of expenses - transactions as being not genuine and representing bogus claims of expenditure - reliance on a comparative chart, showing its gross profit for the year to be comparable and, rather, better than for the other years, is of no consequence - AT

View Source

← Previous Next →

Claim of expenses - transactions as being not genuine and ...

Court Finds Expense Claims Bogus; Gross Profit Comparison Deemed Irrelevant to Case Outcome.

June 24, 2013

Case Laws Income Tax AT

You may also like:

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...

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

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

Unsecured loans - Additions u/s 69 as unexplained expenditure - the tribunal finds that the ld. CIT(A) rightly deleted the impugned additions as the AO failed to...

Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

The assessee declared purchases from parties issuing bogus purchase vouchers without actual transactions, merely laundering unaccounted money to claim deduction u/s...

Insertion of new section 44ADA - Special provision for computing profits and gains of profession on presumptive basis. - a sum equal to fifty per cent. of the total...

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...

Assessment u/s 153A - Bogus purchases - Admittedly in subsequent years there was no seized material available and the learned assessing officer has not extrapolated the...

Revisions u/s 263 by CIT - Whether the assessee has claimed VAT input on the deemed import as an expense in the profit and loss account? - This fact, to our...

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

The High Court addressed various legal issues including jurisdiction, inquiry u/s 202 of the Cr.P.C., applications for production of bank statements, comparison of...

Addition of gross profit instead of net profit from the sale of Ghee - It was the duty of the revenue to pinpoint the infirmity in the expenses apportion by the assessee...

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...

Income estimation based on percentage of gross receipts - CIT(A) applied 12.5% net profit on gross receipts, assessee claimed thin margins in advertisement business....

Quick Updates: