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Bogus Purchases

AO cannot Make Addition on Bogus Purchases without Rejecting Books or Reported Sales : ITAT says such Addition Legally Unsustainable [Read Order]

Sneha Sukumaran Mullakkal

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 38.46 lakh made towards bogus purchases, holding it legally...

No Independent Evidentiary Value For Statement Recorded u/s 133A During Survey: ITAT Deletes ₹9.6...

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

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 [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal(ITAT) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]’s decision, dismissing the Revenue’s appeal against the deletion of a ₹94.3 crore...

ITAT Quashes PCIT’s Revision Order on Alleged Bogus Purchases Citing AO’s Plausible View Backed by ITO Report and VAT Returns [Read Order]

Ajay Kalishchandra Bohra (assessee) is a proprietary concern of M/s Ashutosh Industries. The assessee’s case was reopened on the basis of ITO information. The information related to survey action in...

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...