Bogus purchases - sales has been accepted then the corresponding ...

Court Rules Bogus Purchases Must Be Deducted from Genuine Sales to Accurately Calculate Taxable Profit; 12.50% Tax Rate Upheld.

March 16, 2019

Case Laws Income Tax AT

Bogus purchases - sales has been accepted then the corresponding purchases is required to be deducted for the purpose of arriving at profit - under the Income tax Act, the profit earned from the business transactions is alone taxable - CIT(A) to tax only 12.50% of purchases is upheld

View Source

← Previous Next →

Bogus purchases - sales has been accepted then the corresponding ...

Court Rules Bogus Purchases Must Be Deducted from Genuine Sales to Accurately Calculate Taxable Profit; 12.50% Tax Rate Upheld.

March 16, 2019

Case Laws Income Tax AT

You may also like:

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...

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

The Supreme Court interpreted the definition of "purchase price" u/s 2(18) of the Gujarat Value Added Tax Act, 2003 (GVAT Act). It held that purchases on which value...

Bogus purchases - department had neither disputed the assessee's sales nor shown any discrepancy between the purchases shown and the sales declared - the Tribunal was...

Addition u/s 69C - bogus purchases of diamonds - The decision emphasizes the principle that where the genuineness of purchases is in question, but corresponding sales...

Bogus purchase - Though purchases were from bogus parties nevertheless purchases themselves were not bogus. - in the absence of the purchases, there could not be sales -...

The HC ruled against the approach of estimating profit (at 12.5%) on bogus purchases, finding it contradictory to Section 69C of the Income Tax Act. The court reasoned...

AO made addition u/s 69A treating assessee's cash deposits during demonetization period as unexplained income on assumption of inflated/bogus sales without any cogent...

The case pertains to the estimation of income and disallowance of bogus purchases. The purchases were deemed sham transactions fabricated through bogus paper concerns...

Estimation of income - bogus purchases - The Tribunal considered the facts surrounding the alleged bogus purchases. Despite the inability of the assessee to establish...

The appellant failed to prove the genuineness of the purchase transactions, and the goods were received from parties other than those from whom they were shown to have...

The Supreme Court upheld the validity of the Explanations to Rule 38 of the Mineral (Other than Atomic and Hydrocarbons Energy Minerals) Concession Rules, 2016 and Rule...

Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

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

Bogus purchases - oil cakes shown as purchases by the assessee from 33 parties were not genuine transactions -Tribunal was justified in disallowing 25% of the purchase price - HC

Quick Updates: