Home Highlights October 2018 Year 2018 This

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1. 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...

2. 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...

3. Addition on account of alleged on-money - Applicability of section 50C - The assessee has duly discharged the onus of proving that the sale consideration as actually...

4. Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

5. Bogus purchases - Addition made on account of purchases from the hawala parties - addition is to be restricted by applying GP rate of 10% on the said purchases over and...

6. Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

7. 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...

8. Unexplained cash credit u/s 68 r.w.s 115BBE - inflated sales pursuant to demonetization - Unaccounted Stock Due to Valuation Differences - The Tribunal held that the...

9. Rejection of books of accounts u/sec 145(3) - assessee made bogus sales of rice - The assessee cannot be taxed doubly in same amount which was already declared in the...

10. Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...

11. Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

12. Penalty u/s 271(1)(c) - addition of peak cash credit - sale and purchase of old vehicles - addition confirmed by the CIT(A) on the basis of estimation/preponderance of...

13. Addition made on account of unaccounted cash receipts – Cash receipts of brokerage – Sale of car parking charges - the assessee’s purchases cannot be doubted on ad-hoc basis - AT

14. Bogus purchases - department had neither disputed the assessee's sales nor shown any discrepancy between the purchases shown and the sales declared - the Tribunal was...

15. Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...