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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Addition made towards bogus purchase of sulphur and cement - ...

Income Tax

November 7, 2015

Addition made towards bogus purchase of sulphur and cement - suppliers have been produced before the Learned AO under summons proceedings u/s 131 - Just because the suppliers had not brought their books of accounts during the course of summons proceeding, the assessee could not be faulted with - AT

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  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 made towards entire bogus purchase - Assessee has literally wasted precious time of the AO by once again issuing notices and summons to the...

  4. Reopening of an assessment beyond 4 years - issue of bogus purchases - specific and concrete information available with the AO - Reassessment proceedings sustained -...

  5. Addition u/s 69C - bogus purchases - Enquiries conducted by the AO prove the fact that purchases from the above parties are bogus which are not supported by necessary...

  6. Bogus purchases - The assessee has only produced certain self-serving evidences in a straight-jacket formula normally collected in this type of transaction - Additions confirmed.

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

  8. 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...

  9. Bogus purchases - AO estimated 10% of the bogus purchase - CIT (A) enhanced the addition - producing the bills and vouchers and evidencing the payment made through...

  10. The purchases made cannot be held as bogus merely on presumption and surmises and on the sole reasoning that the assessee was unable to produce delivery challan / angadia receipts.

 

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