Home Highlights December 2011 Year 2011 This

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1. Disallowance of fuel expenses - Stating that purchases have been made in cash cannot be the basis for making disallowance . For cash purchases exceeding specified...

2. Bogus purchases - addition made u/s 69C - assessee is making local purchases without any transportation bills, delivery challans etc., the possibility of the Assessee...

3. Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee...

4. Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

5. Addition u/s 69A being cash deposit in the Bank A/c during the demonetization period - cash deposit out of the sale proceeds effected prior to the ban of currency notes...

6. Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

7. Disallowance of purchase made from sister concerns - Making disallowance of purchase just because they are from sister concerns/ related parties, Memorandum of...

8. Penalty u/s 271(1)(c) - disallowance of transport expenses - payment made in cash - Just because the payments were made in cash cannot be a basis to doubt the...

9. Bogus purchases addition - The only valid argument is that there could be no sales without purchases. But the price at which the goods were purchased remained a grey...

10. Cash payment for purchase of fruits - the payment in cash for purchase of agricultural commodities is covered by Rule 6DD(e) of the Rules and in such a situation merely...

11. Addition u/s 40A - purchases in cash in excess of ₹ 20,000/ - case of the assessee that all the cash purchase are fully covered under Rule 6DD(e)(ii) of the Income...

12. Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

13. Purchase of material in the grey market - the addition, which could be made, was to account for profit element embedded in these purchase transactions to factorize for...

14. Addition for undisclosed cash payments - Merely because the payments made by cheque appearing in the ledger copy and actually made by the assessee tallied, it cannot...

15. Addition of bogus purchases - jewellery business - it is highly impossible for M/s Vitrag Jewels to first hand over the cash even without receiving the cheques from the...