Read all Latest Updates on and about Bogus Purchases

Top

Begin typing your search above and press return to search.

Home
»
Bogus Purchases

Bogus Purchases: Bombay HC Sustains ₹6 Crore Income Tax Addition using Peak of Purchases [Read Order]

Avinash Kurungot

The Bombay High Court recently used the peak of purchases method to ascertain and uphold an income tax addition of ₹6.15 crore on a trader with...

No Bank Statements to Prove Transactions: Bombay HC orders Full Disallowance of Bogus Purchases u/s...

₹81.44 Lakh Addition for Alleged Bogus Purchases: ITAT Dismisses Appeal Due to 125-Day Delay Without...

Bogus Purchases Claim on Rs. 94.3 Crore: ITAT Upholds CIT(A) Relief Based on Supporting Evidence...

ITAT Quashes PCIT’s Revision Order on Alleged Bogus Purchases Citing AO’s Plausible View Backed by...

Income Tax Case Digest: Addition on Bogus Purchases under Income Tax Act

The word bogus refers to fake, false, sham, or not genuine. Bogus purchases under the Income Tax Act, 1961 refer to transactions where taxpayers falsely claim purchases from fictitious or...

Section 147 and 153C of Income Tax can be Applied Interchangeably: ITAT upholds Reassessment u/s 147 in Bogus Purchase Matter [Read Order]

In a recent ruling, the Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) held that reassessment under section 147 of the Income Tax Act was valid on reopening already closed assessment. The...

Unverified Sellers: ITAT upholds 20% Addition on Alleged Bogus Purchases [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) upheld a 20% addition on alleged bogus purchases due to unverified sellers. The tribunal reduced the original 25% disallowance, agreeing...

Inability to Produce parties of Bogus Purchases and Requesting AO for Additions to Returned Income: ITAT restricted Addition from 12.5% to 6% [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) restricted the addition from 12.5% to 6% due to the inability to produce the parties of bogus purchases and requests made to the Assessing...

Works by Government Agencies would not Complete if Entire Purchases were held as Non-genuine: Bombay HC upholds ITAT’s order on Bogus Purchases [Read Order]

In a recent ruling, a Division Bench of Bombay High Court while dismissing the appeal, upheld the order of the Income Tax Appellate Tribunal (ITAT) that the purchases from ten parties were bogus and...

Absence of Materials in Support of Presumption, cannot be accepted: ITAT sets aside Income Tax Addition on Bogus Purchases [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench consisting of B.R. Baskaran, Accountant Member and Pavan Kumar Gadale, Judicial Member set aside addition on bogus purchases on the absence of...

Findings on Bogus Purchases not rebutted by Material Records are not sustainable: ITAT upholds Addition made u/s 69 [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that findings on bogus purchases not rebutted by material records are not sustainable and upholds the addition made u/s 69 of the...