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Income Tax - Highlights / Catch Notes

Home Highlights November 2018 Year 2018 This

Addition on account of bogus purchases - Even though the books ...

Income Tax

November 29, 2018

Addition on account of bogus purchases - Even though the books of account have not been rejected, since the AO has clearly established that the purchases were bogus, there is no justification for accepting the contentions of the AR that only part of the purchase should be disallowed

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  1. Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

  2. Addition on unverified purchases - Even though the books of account have not been rejected, since the AO has clearly established that the purchases were bogus, there is...

  3. Trading Additions – rejecting of books of accounts - even if the books having been rejected, no addition is called for - AT

  4. 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...

  5. 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...

  6. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

  7. Reopening of an assessment beyond 4 years - issue of bogus purchases - specific and concrete information available with the AO - Reassessment proceedings sustained -...

  8. Bogus purchases - addition @ 12.5% of the bogus purchases - accommodation entries - no actual delivery of goods - notices issued u/s 133(6) were returned back unserved...

  9. Unexplained credit u/s 68 - Partially genuine - As per AO, an individual creditor is true up to 75% level and untrue up to 25% level, which is unheard practice because a...

  10. Bogus purchases - accommodation entry - at best it would be a case that purchases have been made from one party in grey market and bills have been obtained from another...

 

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