Tag: bogus purchase

Addition u/s 69C towards alleged bogus purchase deleted due to failure of AO to bring on record any material/evidence for alleging such transactions. In a recent judgment, Kolkata ITAT has deleted addition made u/s 69C towards alleged bogus purchase due to failure of the AO to bring on …

SLP dismissed against 100 percent addition made by the High Court on account of bogus purchase In a recent judgment Hon’ble Supreme Court dismissed SLP filed by the assessee against 100 percent addition made by the High Court on account of bogus purchase against three percent addition made …

Addition made without providing to assessse an opportunity for cross examination is invalid – ITAT In a recent judgment, ITAT Delhi has held that addition made on the strength of statement of alleged accommodation entry provider without providing assessee an opportunity for cross examination was invalid being in …

Sundry creditors are not loans or advances where creditworthiness to give advances is essential point for examination – ITAT In a recent judgment, the ITAT Lucknow has held that sundry creditors do not represent loans or advances taken by the assessee where creditworthiness to extending the advances are …

Revenue cannot approbate and reprobate at the same time-ITAT deleted addition of commission on alleged bogus sale and purchase In a recent judgment, ITAT Delhi held that the Revenue cannot approbate and reprobate at the same time and deleted addition of commission on alleged bogus sale and purchase. …

ITAT followed recent decision of High Court to held that approval u/s 151 by JCIT by merely recording as ‘yes’ was bad in law.  In a recent order, ITAT Delhi following a recent decision of the High Court held that approval u/s 151 by JCIT by merely recording …

Loose excel sheets without any corroboration thereof, was not adequate enough to draw adverse inference of unaccounted loans by the assessee-firm – ITAT In a recent judgment, the ITAT Chennai has held that loose excel sheets found during search without any corroboration thereof, was not adequate enough to …

There is no provision under Income-tax law for making ad-hoc disallowance of sundry creditors – ITAT In a recent judgment, ITAT Surat has quashed ad-hoc addition of creditors holding that there is no provision under Income-tax law for making ad-hoc disallowance of sundry creditors.  ABCAUS Case Law Citation:ABCAUS …

Addition could be made only for part of additional profit on sales corresponding to bogus purchase bills In a recent judgment, the Bombay ITAT has held that addition could be made only for part of additional profit on sales corresponding to bogus purchase bills ABCAUS Case Law Citation:ABCAUS …

Genuineness of transaction continuing from preceding year can not be disapproved without cogent material In a recent judgment, the Bombay ITAT has held that genuineness of the transaction continuing from preceding year can not be disapproved merely based on information received from the Investigation Wing ABCAUS Case Law …