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Income Tax - Highlights / Catch Notes

Home Highlights May 2017 Year 2017 This

Addition on the alleged bogus purchase - AO cannot sit back and ...

Income Tax

May 24, 2017

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 issuing notices u/s 133(6) - AT

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  1. 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...

  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 on account of alleged bogus purchases - The complete onus to prove the genuineness of the purchases was upon assessee and the same, in our opinion, has remained...

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

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

  6. Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

  7. Bogus purchase - AO added the entire amount of bogus purpose instead of GP ratio - CIT(A) deleted the additions - there is nothing on record which demonstrates the...

  8. Estimation of income - bogus purchases - The Tribunal recognized the appellant's unique case, where only alleged bogus purchases of diamonds were evident. Referring to...

  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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