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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Addition on account of unproved purchases - without purchases, ...

Income Tax

September 6, 2012

Addition on account of unproved purchases - without purchases, there cannot be any manufacturing of sales - in favour of assessee. - AT

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  1. Penalty u/s 271(1)(c) of the Act – assessee’s claim that no penalty is leviable when unproved income is offered for taxation to purchase peace is not at all sustainable - AT

  2. Addition of unproved trade liability - the AO himself was not aware of the details about the suppliers of the services. Without those details, we are unable to...

  3. 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...

  4. Addition u/s 68 - unproved trade / sundry creditors - There is no justification for making the addition of advances received from the customers without taking into...

  5. Undervaluation of goods - Mutuality of interest - interconnected undertaking - Burden of proof - Mere allegation that there was mutuality of interest remained unproved...

  6. 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...

  7. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

  8. Trading addition - Estimation of income - bogus purchases - when purchased are duly accepted by the VAT Department including the sales and manufacturing account and the...

  9. 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...

  10. 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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