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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Bogus purchases - applicability of sec 69/69A - The onus for the ...

Income Tax

July 21, 2016

Bogus purchases - applicability of sec 69/69A - The onus for the gain associated with the procurement of bills (and purchase of goods from the grey market), we may add, is on the Revenue. - The addition for 1% of the impugned purchases (u/s. 69C) is, in any case, confirmed. - AT

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  2. Set off un-absorbed depreciation against the deemed income under section 69, 69A, 69B and 69C allowed - AT

  3. Unexplained investment - Additions u/s 69 - source of purchase of party - AO having not discharged onus for proving the satisfaction of the condition for application of...

  4. MAT applicability - Provisions of sec.115JB are not applicable to the banking company - AT

  5. Addition u/s 69 - The entire purchase of fixed assets has already been recorded by the assessee in its books of accounts. The source for making payments for such...

  6. Addition of bogus purchases of machinery - the proceedings before Sales Tax Department alone could not be the sole basis of addition in the hands of assessee before...

  7. Unexplained investment under section 69 - assessee could not reconcile the difference between purchases as debited in the trading account and purchases as per TCS...

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

  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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