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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Genuineness of purchases - non compliance of notices u/s 133(6) ...

Income Tax

July 6, 2019

Genuineness of purchases - non compliance of notices u/s 133(6) - non of entities declared as Hawala/Bogus dealers by any of the authorities - assessee was able to produce overwhelming documents to substantiate the purchase - same can not be disallowed only on ground that notices u/s 133(6) were not responded to, which was also not within the control of the assessee - purchases allowed

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  1. 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...

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  5. 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...

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