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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Disallowance of bogus purchase - Since, sales have not been ...

Income Tax

December 15, 2017

Disallowance of bogus purchase - Since, sales have not been doubted; entire disallowance of purchase is not sustainable - 6% disallowance of bogus purchase sustained by the Commissioner of Income Tax (Appeals) is appropriate - AT

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

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

  8. Whether the purchases themselves were bogus - not the entire amount covered under such purchase, but the profit element embedded therein would be subject to tax - HC

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