Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Bogus purchases - tribunal hold that no addition can be made ...

Income Tax

July 20, 2019

Bogus purchases - tribunal hold that no addition can be made merely on the basis of the statement recorded by the third party i.e. Sales Tax Department - two Revenue authorities have recorded concurrent finding with regard to the genuineness of the transactions, hence not like to disturb the same in the present appeal - no substantial question of law

View Source

 


 

You may also like:

  1. 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...

  2. 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...

  3. 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

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

  5. 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...

  6. Bogus purchases - Disallowance merely on the basis of suspicion because the sellers and the canvassing agents have not been produced before them is not warranted - HC

  7. 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...

  8. 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...

  9. Addition merely on the basis of statement u/s. 132(4) - unaccounted income - additions sustaianed - HC

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

 

Quick Updates:Latest Updates