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Income Tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Bogus purchases - CIT(A) was fully justified in deleting the ...

Income Tax

February 17, 2016

Bogus purchases - CIT(A) was fully justified in deleting the addition made by the AO on account of alleged bogus purchases particularly when the GP rate declared by the assessee was progressive and was accepted by the AO. - AT

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

  2. 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...

  3. 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...

  4. Bogus purchase - AO added the entire amount of bogus purpose instead of GP ratio - CIT(A) deleted the additions - there is nothing on record which demonstrates the...

  5. 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...

  6. 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...

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

  8. 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...

  9. Bogus purchase of machinery - Machine was purchased during the financial year 2008-09 and Inspector visited the premises of the vendors in December, 2014. The...

  10. 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...

 

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