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 September 2019 Year 2019 This

Bogus expenses/purchase - genuineness of various expenses ...


Court Disallows 15% of Construction Expenses Due to Supplier Sales Turnover Discrepancies in Expense Claims.

September 24, 2019

Case Laws     Income Tax     AT

Bogus expenses/purchase - genuineness of various expenses incurred for the construction - sales turnover of the suppliers are not matching - sustaining of disallowance @ 15% of the alleged amount will meet the end of justice.

View Source

 


 

You may also like:

  1. Various issues related to allowability of expenses, deductions, transfer pricing adjustments, and other income tax matters for a pharmaceutical company. Key points are:...

  2. The High Court confirmed the tax assessment u/s 7A for nonproduction of sale bill. The burden of proof lies on the dealer to show transactions are not taxable. Failure...

  3. This case deals with the levy of deficit stamp duty and penalty in a court-conducted auction sale. The key points are: In a court-supervised auction sale, the stamp...

  4. Disallowance on account of expenses incurred on corporate social responsibility - Both the lower authorities have disallowed the expenses only on the ground that...

  5. Transfer of property deemed as short-term capital gain due to holding period less than 36 months, disallowing deduction u/s 54F. Additions for difference in commission...

  6. Rejection of rectification petition - turnover of the petitioner was erroneously reported in the GSTR 1 return - The High Court acknowledges the petitioner's claim...

  7. Computation of deduction u/s 80IB/80IC - allocation of advertisement expenses to the eligible units in the ratio of turnover of eligible units to the total turnover of...

  8. Validity of detention order - The petitioner argued that being a buyer from a GST-registered supplier, they had no means or obligation to verify the supplier's...

  9. Export turnover brought into India does not qualify as 75% of total turnover for claiming exemption u/s 10A. Expenditure incurred in foreign exchange must be excluded...

  10. HC dismisses revision. Differential amount received by petitioner due to foreign exchange fluctuation constitutes "turnover" under KGST Act. Amount represents...

  11. Transfer pricing adjustment on export commission paid to related party disallowed based on assessee's own case demonstrating benefits and higher profitability. Royalty...

  12. Expenses on account of construction - Charitable Trust - the assessee started the construction activity in earlier years i.e. A.Ys. 2010-11, 2011-12, 2012-13 & 2014-15...

  13. The High Court addressed a challenge to an assessment order regarding the reversal of Input Tax Credit for credit notes issued by the supplier. The court found that the...

  14. Valuation - sale of Gypsum - mere bifurcation of the sale price of the goods in a mutual contract between the parties under a separate bargain or even a common bargain...

  15. The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

 

Quick Updates:Latest Updates