Taxability of Bogus purchase - Estimation of profit - in cases ...

Tax Only Profit in Bogus Purchases; Entire Unsubstantiated Amounts Shouldn't Be Taxed.

April 8, 2019

Case Laws Income Tax AT

Taxability of Bogus purchase - Estimation of profit - in cases where purchases are not proved with necessary evidences, only profit element embedded on those purchases needs to be taxed.

View Source

← Previous Next →

Taxability of Bogus purchase - Estimation of profit - in cases ...

Tax Only Profit in Bogus Purchases; Entire Unsubstantiated Amounts Shouldn't Be Taxed.

April 8, 2019

Case Laws Income Tax AT

You may also like:

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...

Whether the purchases themselves were bogus - not the entire amount covered under such purchase, but the profit element embedded therein would be subject to tax - HC

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...

Exemption from tax under Section 115-O - Tax on distributed profit / Dividend Tax - Once it is held that the amount distributed or paid by Petitioner by way of dividend...

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

Addition of non-genuine and merely accommodation entries - There could be several reasons for arranging bogus accommodation entries towards bogus purchases, which could...

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

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

Bogus purchases - profit @12.5% upheld - purchases through the grey market - reduction of gross profit already shown and offered to tax from profits earned by the...

Levy of purchase tax payable - purchase of turmeric - Section 12 (2) of the Tamil Nadu Value Added Tax, 2006 - There was a paradigms shift from TNGST Act, 1959 when...

The bogus transactions are a camouflage and dishonest attempt to avoid tax, resulting in addition to the assessee's income. The AO's approach should be well-considered,...

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...

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 -...

In the case of 2024 (5) TMI 1132 before the ITAT Mumbai, the issue pertained to penalty proceedings u/s. 271(1)(c) concerning the estimation of income on bogus purchases....

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

Quick Updates: