Estimation of profit - purchase from hawala operators - bogus ...

Income Tax

March 23, 2017

Estimation of profit - purchase from hawala operators - bogus purchases - CIT(A) estimated GP @ 17.5% on alleged bogus purchases as against 7.11% declared by the assessee - if GP is estimated to tune of 12.5% of the purchases from these alleged hawala operators which will cover any leakage of Revenue by way of VAT, commission etc. - AT

View Source

← Previous Next →

Estimation of profit - purchase from hawala operators - bogus ...

Income Tax

March 23, 2017

You may also like:

Taxability of Bogus purchase - Estimation of profit - in cases where purchases are not proved with necessary evidences, only profit element embedded on those purchases...

Estimation of income - bogus purchases - A.O. has observed that respondent has purchased material from someone else while bogus bills were organized by these Hawala...

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...

Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers,...

Addition of bogus purchases - The CIT (A) came to the conclusion that it is a case of purchases from gray market and thereafter, bills have been procured from hawala...

Bogus purchases - estimation of income - Sales Tax Department has proved beyond doubt that the parties declared as hawala traders were involved in providing...

Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such...

Estimation of income - Bogus purchases - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...

Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

Bogus purchases - CIT- A estimated profit from Hawala purchases by disallowing only 12.5% of the bogus purchases - Anyhow, on seeing the facts and circumstances, it...

Quick Updates: