Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights This

Bogus purchases - Disallowance of expenditure regarding ...

Income Tax

Bogus purchases - Disallowance of expenditure regarding sundry creditors - AO was adding amounts on the basis of then un-reconciled differences which is violation of the principles of natural justice.

View Source

 


 

You may also like:

  1. Addition u/s 41(1) - Once the AO has allowed the assessee’s corresponding material purchases claim in the revenue account as a regular head of expenditure, the same very...

  2. Addition u/s. 41 (1) or u/s 68 - no reply by sundry creditors u/s 133(6) - AO has accepted purchases as genuine and the amount outstanding in the name of sundry...

  3. Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

  4. Credit purchases are nothing but expenditure and if sundry credits are not proved by the assessee addition can be made by the AO by resorting to section 69C - HC

  5. Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

  6. Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

  7. 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...

  8. Ad-hoc disallowance of 20% of the creditor value – there is no provision in the Act to disallow 20% out of sundry creditors. - AT

  9. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

  10. Scheme of Amalgamation - directed to hold separate meetings of the Un-Secured Creditors of the Transferor Company and Secured Creditors and Un-Secured Creditors of the...

 

Quick Updates:Latest Updates