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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Addition u/s 69C - bogus purchases - AO cannot make the addition ...

Income Tax

January 20, 2017

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, the statement/affidavit of third parties - AT

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  1. 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...

  2. AO cannot make the addition u/s 69C by merely relying on information obtained from the Sales Tax Department, the statements/ affidavits of third parties, without the...

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

  4. 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...

  5. Addition on the alleged bogus purchase - AO cannot sit back and make the addition by simply relying upon the information obtained from the Sales Tax Department and...

  6. 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...

  7. 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...

  8. Addition u/s 69C - bogus purchases of diamonds - The decision emphasizes the principle that where the genuineness of purchases is in question, but corresponding sales...

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

  10. 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...

 

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