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Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Addition made on account of bogus purchases - there cannot be a ...

Income Tax

July 14, 2012

Addition made on account of bogus purchases - there cannot be a direct nexus between purchases and sales - in favour of assessee. - AT

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  1. Bogus purchases - In a case where sales are considered genuine, no addition, on account of bogus purchases, can be made - AT

  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. 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...

  4. Bogus purchases - Since the corresponding sales have been accepted and the assessee had shown reasonable gross profit on sale, therefore, confirming the addition to the...

  5. 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...

  6. Bogus purchases - addition made on the basis of Maharastra VAT authorities to the effect that assessee’s suppliers have issued bogus invoices without involving any...

  7. Addition made on the basis of declaration of the assessee during search action - bogus purchases - The said letter clearly indicates that the additional income declared...

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

  9. Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

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

 

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