Income contained in unverified transaction can only be taxed and not the amount of entire transaction. ITAT upheld tax on…
Only real income can be taxed under Income Tax Act. Even if whole transaction is not verifiable only income component…
Bogus Purchases-AO cannot sit back and make addition without enquiry simply relying on information from Sales Tax Deptt. and issuing…
Bogus purchase disallowance reduced from loss declared by the assessee as the purchases were related to the same business only…
Bogus purchases-when sales not disputed entire addition not warranted. ITAT estimated addition @12.5% of alleged bogus purchases ABCAUS Case Law…
Purchase not bogus merely for non-appearance of supplier Merely non-appearance of the supplier in absence of any other corroborate evidence…
Additions made for non furnishing name address details of raddi-wallas for purchases made deleted In case of purchases made from small…