Bogus purchases - AO’s observation that none of the architects ...

Architects can estimate past building materials; inspector's party legitimacy doubts dismissed, no extra tax liability imposed.

February 16, 2021

Case Laws Income Tax AT

Bogus purchases - AO’s observation that none of the architects can find out the actual material, steel bars used construction of any building of 2 to 3 years cannot be accepted as the consumption of the material can be well estimated from the drawings and the site books. - Inspector report cannot be given credence as the party was found to be genuine on enquiry. - no addition is warranted - AT

View Source

← Previous Next →

Bogus purchases - AO’s observation that none of the architects ...

Architects can estimate past building materials; inspector's party legitimacy doubts dismissed, no extra tax liability imposed.

February 16, 2021

Case Laws Income Tax AT

You may also like:

Input ax credit - GST paid on building materials, such as cement, concrete, bricks, cement or marble or stone slabs or tiles, paint, polish and any other building...

Refund of the service tax - construction of individual/independent residential houses - the definition of a “residential complex” leaves no manner of doubt that it would...

Determination of capital gain - allocation of sale consideration between the land and building - The historical cost of building or WDV of building cannot be...

The ITAT upheld the CIT(A)'s decision to reject the assessee's books of accounts under section 145 and estimate income under section 144. The Tribunal clarified that...

The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144,...

Addition on account of bogus creditors - non-producing the parties in person - When the purchases from the parties were accepted and the sales made out of those...

Bogus purchases - information that was received by the A.O from the DGIT(Inv.) - now when the assessee had not only substantiated the authenticity of the purchases...

Refund claim of input service tax credit - input service or not - Erection, Commissioning & Installation Services - Construction or execution of works contract of a...

Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

Refund of Service Tax paid on construction activity - commercial construction or not - there is no doubt that building constructed by the Contractor is medical college...

Unexplained share capital - The sole basis for making addition about these companies is the inspector report. No doubts have been raised by the Assessing Officer about...

HC ruled on validity of assessment under Section 153C, clarifying that discovery of documents pertaining to third parties during search operations triggers jurisdiction,...

Depreciation on Hotel Building including the cost of land - hotel building complex was purchased at consolidated value - Merely because the parties have not specified...

Assessment u/s 153A – The addition was made on estimated basis and on assumptions without referring to the specific information in the seized material or any other...

This trade circular provides clarifications regarding the applicability of GST on certain services based on the recommendations of the 53rd GST Council meeting. The key...

Quick Updates: