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Income Tax - Highlights / Catch Notes

Home Highlights January 2024 Year 2024 This

Bogus purchases - The exclusion of purchases from the trading ...

Income Tax

January 4, 2024

Bogus purchases - The exclusion of purchases from the trading results is not permissible without corresponding exclusion of the sales in such trading activity for arriving at a fair and balanced view. The action of the AO patently offends the rudimentary principle of accounting. - AT

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  1. 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...

  2. 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...

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

  4. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

  5. Bogus purchases - profit @12.5% upheld - purchases through the grey market - reduction of gross profit already shown and offered to tax from profits earned by the...

  6. Bogus purchases - Merely because the assessee was being prosecuted for keeping the sugar beyond the permissible limit and was trading in the same by sale and purchase on...

  7. 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...

  8. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

  9. Taxability of Bogus purchase - Estimation of profit - in cases where purchases are not proved with necessary evidences, only profit element embedded on those purchases...

  10. Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

 

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