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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Accommodation entries - Once the sales have been accepted, there ...

Income Tax

November 27, 2015

Accommodation entries - Once the sales have been accepted, there must be purchases - total purchases cannot be disallowed. AO directed to restrict the addition to the extent of 10% of the purchases - AT

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  1. Ad-hoc deduction allowed at 25% for purchase expenditure, as admittedly corresponding sales against these very purchases have been offered and accepted for tax

  2. 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...

  3. Bogus purchases - accommodation entry - at best it would be a case that purchases have been made from one party in grey market and bills have been obtained from another...

  4. Permitted sectors, entry routes and sectoral caps for total foreign investment -FDI - FEMA - New Regulations

  5. Computation of long term capital gain - Sale of ancestral property - Exclusion of the amount paid to the unauthorized occupants directly by the purchase of the property...

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

  7. Set off the excess entry tax paid - After verifying the total entry tax paid by the petitioner, for each of the assessment years referred, and the sales tax paid or set...

  8. Unexplained investment - Purchase of vehicle - In the assessment order, the AO has also accepted that the assessee has sufficient bank balance to meet out for purchase...

  9. 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...

  10. Undisclosed Income - unable to accept that payment of Advance Tax based on “current income” involves the disclosure of “total income” - SC

 

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