![Purchases cannot be treated as ‘Bogus’ merely on Ground of Information from Sales Tax Dept and Non-Production of Suppliers: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "Purchases cannot be treated as ‘Bogus’ merely on Ground of Information from Sales Tax Dept and Non-Production of Suppliers: ITAT Mumbai [Read Order]")
Purchases cannot be treated as ‘Bogus’ merely on Ground of Information from Sales Tax Dept and Non-Production of Suppliers: ITAT Mumbai [Read Order]
In Geolife Organics v. ACIt, the Mumbai ITAT held that AO cannot reach to a conclusion that the purchases are “bogus” merely on ground of information...
![Serving Notice to Assessee is not an ‘Empty Formality’: ITAT deletes a Revision Order passed Ex-parte [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Kolkata-TaxScan.jpg "Serving Notice to Assessee is not an ‘Empty Formality’: ITAT deletes a Revision Order passed Ex-parte [Read Order]")
400 Benami Transactions Identified till yesterday: CBDT Steps up Actions under Benami Transactions (Prohibition) Amendment Act, 2016
The Income Tax Department has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 (the Act) w.e.f. 1st November, 2016. The Prohibition of Benami Property Transactions...
Quoting of Wrong Section would not make Penalty Order Invalid If Assessee had No Objection during the Course of Proceedings: ITAT Delhi [Read Order]
The Delhi ITAT, in a recent ruling, held that imposing penalty by quoting wrong section would not itself make the entire proceedings invalid if the assessee had not raised any objection during...
![Quoting of Wrong Section would not make Penalty Order Invalid If Assessee had No Objection during the Course of Proceedings: ITAT Delhi [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/10/Penalty-TaxScan.jpg "Quoting of Wrong Section would not make Penalty Order Invalid If Assessee had No Objection during the Course of Proceedings: ITAT Delhi [Read Order]")
Sec 50C is Applicable when the Value adopted by Stamp Valuation Authority is Higher Than the Value declared by the Assessee: ITAT Delhi [Read Order]
In Jastinder Singh Vedi v. DCIT, the Delhi bench of the ITAT held that the “full value of consideration” reported in the return can be replaced with “fair market value of the property” if the value...
![Sec 50C is Applicable when the Value adopted by Stamp Valuation Authority is Higher Than the Value declared by the Assessee: ITAT Delhi [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Chandigarh-Taxscan.jpg "Sec 50C is Applicable when the Value adopted by Stamp Valuation Authority is Higher Than the Value declared by the Assessee: ITAT Delhi [Read Order]")
Addition is Justifiable when Assessee Voluntarily admits Tax Liability during the Course of Proceedings and later refuses: Delhi HC [Read Order]
In a recent ruling the division bench of the Delhi High Court upheld an addition made under the Income Tax Act by holding that the same is justifiable when assessee voluntarily admits Tax Liability...
![Addition is Justifiable when Assessee Voluntarily admits Tax Liability during the Course of Proceedings and later refuses: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/05/Tax-Liability-TaxScan.jpg "Addition is Justifiable when Assessee Voluntarily admits Tax Liability during the Course of Proceedings and later refuses: Delhi HC [Read Order]")