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![Trading Liabilities incurred with Corresponding Purchases cannot be the subject matter of Addition u/s 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Trading-Liabilities-incurred-Corresponding-Purchases-ITAT-TAXSCAN.jpg "Trading Liabilities incurred with Corresponding Purchases cannot be the subject matter of Addition u/s 68: ITAT [Read Order]")
Trading Liabilities incurred with Corresponding Purchases cannot be the subject matter of Addition u/s 68: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that trading liabilities incurred with corresponding purchases cannot be the...
![Cash paid for Purchase excess than prescribed limit, Disallowance of total purchase U/s 40A(3) sustain: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Cash-purchase-ITAT-taxscan.jpg "Cash paid for Purchase excess than prescribed limit, Disallowance of total purchase U/s 40A(3) sustain: ITAT [Read Order]")
![Purchase of 120 Computers by Publishers cannot be said for ‘Personal Use’: ITAT allows Depreciation [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Computers-Publishers-ITAT-Depreciation-taxscan-2.jpg "Purchase of 120 Computers by Publishers cannot be said for ‘Personal Use’: ITAT allows Depreciation [Read Order]")
![If Booking of Flat to be Constructed in future is treated as Transfer, Notional Value of the Same shall be allowable as Capital Gain Exemption: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Transfer-Notional-Value-Capital-Gain-Exemption-ITAT-taxscan.jpg "If Booking of Flat to be Constructed in future is treated as Transfer, Notional Value of the Same shall be allowable as Capital Gain Exemption: ITAT [Read Order]")
![Tata Steel has Locus Standi to Challenge denial of Input Tax Credit under JVAT to its Unit, rules Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Tata-Steel-Locus-Standi-Input-Tax-Credit-JVAT-Unit-Supreme-Court-TAXSCAN.jpg "Tata Steel has Locus Standi to Challenge denial of Input Tax Credit under JVAT to its Unit, rules Supreme Court [Read Order]")
![Entire Purchases can’t be Disallowed as Bogus, If AO accepted Sales: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/05/Bombay-High-Court-NAA-Taxscan.jpg "Entire Purchases can’t be Disallowed as Bogus, If AO accepted Sales: Bombay HC [Read Judgment]")
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 from Sales Tax Department and non-production of...
![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]")