Tag: bogus purchase
Penalty for fake invoice. New Section 271AAD. Penalty for false entry, etc. in books of account With the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained …
Addition for bogus purchase deleted as AO conducted enquiry u/s 133(6) from the different supplier having name similar to actual creditor ABCAUS Case Law Citation:ABCAUS 3206 (2019) (12) ITAT In the instant case, the appeal was filed by the assessee against the order of CIT(A) on the solitary …
Addition for Bogus creditors converted into cessation of liability as goods were defective and vendors had not shown amount as receivable proving that liability had ceased. ABCAUS Case Law Citation:ABCAUS 3171 (2019) (10) ITAT The appellant assessee was an individual and was engaged in the trading business. The …
Bogus purchases additions not based on average GP or NP declared by the assessee in preceding years or some reasonable or proper criteria deleted by ITAT ABCAUS Case Law Citation:ABCAUS 3071 (2019) (07) ITAT This appeal by the assessee was directed against the order of the CIT (A) …
Penalty u/s 271(1)(c) deleted as addition for bogus purchases was based on estimation and assesee’s conduct was not found contumacious ABCAUS Case Law Citation:ABCAUS 3011 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Hindustan Steel Vs. State of Orissa (83 ITR 26) Penalty u/s 271(1)(c) deleted …
No addition warranted for bogus purchases where GP rate was better than the average GP rate declared by assessee for earlier years ABCAUS Case Law Citation: ABCAUS 3008 (2019) (06) ITAT In the instant case, the revenue had challenged the deletion of the addition by the CIT(A) in …
Profit rate on bogus purchases reduced as assessee also paid VAT on purchases. ITAT directed AO to recompute income after applying profit rate of 8% ABCAUS Case Law Citation: ABCAUS 2946 (2019) (05) ITAT The assessee had appealed against the orders of Commissioner of Income Tax (Appeals) against …
Reopening for verification of purchases from hawala dealer-Supreme Court dismisses SLP of the Department challenging dismissal of appeal by High Court ABCAUS Case Law Citation:ABCAUS 2745 (2019) (01) SC The Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) of the Income Tax Department against the decision …
No concealment penalty based on circumstantial evidence of bogus purchases where the income was estimated on the basis of circumstances brought on record ABCAUS Case Law Citation: ABCAUS 2575 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. Gujarat Ambuja Export Ltd. Sanjay Oilcake …
Bogus Purchase 100% disallowance-Dismissal of SLP by Supreme Court did not merge the dismissal of the SLP into the order of the Apex Court – ITAT ABCAUS Case Law Citation: ABCAUS 2516 (2018) 09 ITAT Important Case Laws Cited/relied upon by the parties: Malabar Industrial Co. Ltd. vs. …
