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Income Tax - Highlights / Catch Notes

Home Highlights March 2019 Year 2019 This

Bogus purchases - it is settled law that when sales are not ...

Income Tax

March 14, 2019

Bogus purchases - it is settled law that when sales are not doubted, 100% disallowance for bogus purchase cannot be done. The rationale being no sales is possible without actual purchases.

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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

  2. Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such...

  3. Bogus Purchase - determinitation of income - Merely, it is pointed out that the assessee was a trader and ITAT retained 12.5% of the purchase towards its possible profit...

  4. 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...

  5. Disallowance of bogus purchase - Since, sales have not been doubted; entire disallowance of purchase is not sustainable - 6% disallowance of bogus purchase sustained by...

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

  7. Bogus purchases - assessee has shown purchases from ‘A’ but actually procured the material from ‘B’. In this exercise, the assessee might have saved Excise Duty etc. -...

  8. 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...

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

  10. Estimation of income - Bogus purchases - The doubt, if any, is only with regard to the source of purchases. In such circumstances, the entire purchases cannot disallowed....

 

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