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Income Tax - Highlights / Catch Notes

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Addition on account of bogus creditors - non-producing the ...

Income Tax

April 8, 2021

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 purchases were not doubted, the payments outstanding in the name of those parties were accepted in the subsequent year, then there was no reason to doubt the genuineness of the outstanding balance. - AT

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  1. Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

  2. Bogus purchases - Since the corresponding sales have been accepted and the assessee had shown reasonable gross profit on sale, therefore, confirming the addition to the...

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

  4. 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...

  5. 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...

  6. Addition of bogus purchases - There is no doubt that these parties are non-existent - purchase bills from these non-existent the/bogus parties cannot be taken as cogent...

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

  8. Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

  9. Bogus purchases - assessee wants the Revenue to produce assessee’s own vendors, whom the assessee could not produce. The purchase bills from these non-existent/bogus...

  10. Bogus purchase - it is strange that assessee wants the Revenue to produce assessee’s own vendors, whom the assessee could not produce. The purchase bills from these...

 

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