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Income Tax - Highlights / Catch Notes

Home Highlights November 2018 Year 2018 This

Addition on account of alleged bogus purchases - The complete ...

Income Tax

November 20, 2018

Addition on account of alleged bogus purchases - The complete onus to prove the genuineness of the purchases was upon assessee and the same, in our opinion, has remained unfulfilled.

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  1. Disallowance of short term capital loss - creation of artificial loss - assessee appellants failed to discharge the onus, to prove the genuineness of the transactions of...

  2. Addition on account of un-explained loan - assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of...

  3. Addition u/s 68 – Genuineness of transaction in shares - genuine or sham and bogus – Revenue in failing to discharge the basic onus - inquiry was not carried forward -...

  4. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

  5. Addition of bogus purchases - The CIT (A) came to the conclusion that it is a case of purchases from gray market and thereafter, bills have been procured from hawala...

  6. The onus is upon the assessee to establish that the money was borrowed for the purpose of business - assessee failed to prove the onus - Claim of Interest disallowed - AT

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

  8. 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...

  9. Bogus purchases - addition made towards entire bogus purchase - Assessee has literally wasted precious time of the AO by once again issuing notices and summons to the...

  10. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

 

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