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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Nature and genuineness of purchase - AO directged to estimate ...

Income Tax

October 23, 2018

Nature and genuineness of purchase - AO directged to estimate 30% profit on alleged bogus purchase of capital goods and the balance amount shall be treated as purchase of capital assets and accordingly, depreciation shall be allowed at the prescribed rates on capitalized portion.

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  1. 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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