Additions to be made u/s 69C on account of alleged bogus ...

Section 69C: Alleged Bogus Purchases Treated as Unexplained Income with Estimated Net Profit Margin of 12.5%-25%.

August 31, 2017

Case Laws Income Tax AT

Additions to be made u/s 69C on account of alleged bogus purchases(Unexplained Income) is according to the estimation of net profit ranging from 12.5% to 25% depending upon nature of business.

View Source

← Previous Next →

Additions to be made u/s 69C on account of alleged bogus ...

Section 69C: Alleged Bogus Purchases Treated as Unexplained Income with Estimated Net Profit Margin of 12.5%-25%.

August 31, 2017

Case Laws Income Tax AT

You may also like:

The HC ruled against the approach of estimating profit (at 12.5%) on bogus purchases, finding it contradictory to Section 69C of the Income Tax Act. The court reasoned...

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...

Estimation of income - Bogus purchases - Second reopening assessment proceedings - The Tribunal affirms the decision of the CIT-A to delete the addition made under...

Estimation of income - bogus purchases - The Tribunal considered the facts surrounding the alleged bogus purchases. Despite the inability of the assessee to establish...

Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

Estimation of income - bogus purchases - when the purchases are held to be bogus and only certain percentage only to be disallowed - assessee has already declared profit...

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...

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...

The ITAT upheld the CIT(A)'s decision to reject the assessee's books of accounts under section 145 and estimate income under section 144. The Tribunal clarified that...

The appellant failed to prove the genuineness of the purchase transactions, and the goods were received from parties other than those from whom they were shown to have...

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

Unexplained purchase u/s 69C - alleged that purchase is not genuine and made from bogus biller/ accommodation entry provider - factual finding that no independent...

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...

The assessing officer (AO) made additions to the assessee's income based on alleged bogus purchases and unexplained investments. The key points are: Addition of Rs....

Quick Updates: