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Income Tax - Highlights / Catch Notes

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Bogus purchases - In a case where sales are considered genuine, ...

Income Tax

April 26, 2016

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

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  1. 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...

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

  4. Bogus purchases - oil cakes shown as purchases by the assessee from 33 parties were not genuine transactions -Tribunal was justified in disallowing 25% of the purchase price - HC

  5. Estimation of income - Bogus purchases - Specific information received from the Sales Tax Department to indicate that certain purchases made by the assessee were...

  6. Bogus purchases - department had neither disputed the assessee's sales nor shown any discrepancy between the purchases shown and the sales declared - the Tribunal was...

  7. 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...

  8. 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...

  9. 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...

  10. 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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