Revision u/s 263 by CIT - Bogus purchases - CIT had clear cut ...

CIT Confirms Additions for Bogus Purchases u/s 263 After Assessee Fails to Dispute Fraudulent Creditor Information.

March 13, 2023

Case Laws Income Tax AT

Revision u/s 263 by CIT - Bogus purchases - CIT had clear cut information that the creditors relating to these purchases were bogus. He had given sufficient opportunities to the assessee during the revisionary proceedings to counter this fact, but the same was not done by the assessee. - Additions confirmed - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Bogus purchases - CIT had clear cut ...

CIT Confirms Additions for Bogus Purchases u/s 263 After Assessee Fails to Dispute Fraudulent Creditor Information.

March 13, 2023

Case Laws Income Tax AT

You may also like:

CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers,...

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...

ITAT found AO's calculation of undisclosed income from alleged bogus share purchases to be incorrect. While the broker's contract note was suspended by NSE, no...

Addition of bogus purchases - The CIT (A) came to the conclusion that it is a case of purchases from gray market and thereafter, bills have been procured from hawala...

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...

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...

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...

Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering...

Addition u/s 40A(3) - cash purchases of petrol - Assessee was in the habit of purchasing petrol regularly - Assessee has not produced any documentary evidences to...

u/s 263, the AO had not made any addition regarding cash deposits in the assessee company's bank account and unsecured loan received during the year under consideration,...

Bogus purchases - estimation of profit of 17.5% on the total alleged bogus purchases and thereafter, to delete the balance amount of addition - merely because the...

The HC held that the CIT's revision order u/s 263 was unsustainable. The CIT's view that the transfer of shares by the assessee was a sham to avoid DDT u/s 115-O was...

The assessee disputed the stamp duty value of land purchased, leading to the matter being referred to the District Valuation Officer (DVO). The DVO's valuation, based on...

Purchase of material in the grey market - the addition, which could be made, was to account for profit element embedded in these purchase transactions to factorize for...

Quick Updates: