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Income Tax - Highlights / Catch Notes

Home Highlights October 2016 Year 2016 This

Bogus purchases - Without causing any further enquires in ...

Income Tax

October 26, 2016

Bogus purchases - Without causing any further enquires in respect of the said purchases, the AO cannot make the addition under section 69C of the Act by merely relying on information obtained from the Sales Tax Department - AT

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  1. 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...

  2. Addition u/s 69C - bogus purchases - AO cannot make the addition under section 69C of the Act by merely relying on information obtained from the Sales Tax Department,...

  3. Bogus purchases or sales u/s 69C - genuineness of the transaction - Without causing such necessary enquiries in respect of the purchases, it was not open to the...

  4. Assessment u/s 153A - undisclosed income - purchase of properties - payment of on money - AO has rejected the reply to the show cause notice without assigning proper...

  5. 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...

  6. Credit purchases are nothing but expenditure and if sundry credits are not proved by the assessee addition can be made by the AO by resorting to section 69C - HC

  7. 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...

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

  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. Bogus purchases - based on of list of hawala operators published by Maharashtra Sales-tax Department relied upon - addition u/s 69C - a reasonable net profit of 12.5% on...

 

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