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Income Tax - Highlights / Catch Notes

Home Highlights March 2014 Year 2014 This

Restriction of disallowance - Bogus purchases - Restriction of ...

Income Tax

March 29, 2014

Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

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  1. Bogus purchases - Since the corresponding sales have been accepted and the assessee had shown reasonable gross profit on sale, therefore, confirming the addition to the...

  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. 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...

  4. Bogus purchases - In a case where sales are considered genuine, no addition, on account of bogus purchases, can be made - AT

  5. 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...

  6. Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

  7. Bogus purchases - addition made on the basis of Maharastra VAT authorities to the effect that assessee’s suppliers have issued bogus invoices without involving any...

  8. Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers,...

  9. Addition on account of alleged bogus purchases - The complete onus to prove the genuineness of the purchases was upon assessee and the same, in our opinion, has remained...

  10. Addition made on account of bogus purchases - there cannot be a direct nexus between purchases and sales - in favour of assessee. - AT

 

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