Income Tax : bogus purchases is a arisen, there has not been a consistent approach of different courts, as facts are not found similar in such ...
Income Tax : ITAT Held that, only 10% of the purchase would be added to the Appellant’s income in case where the Appellant was unable to prov...
Goods and Services Tax : The invoices are called as fake where the GST invoices are raised by an entity without actual supply of goods or services or payme...
Goods and Services Tax : WHAT IS A FAKE INVOICE? Though, Fake Invoice is not defined under Goods & Services Tax Act, 2017. But in general, Fake Invoice...
Income Tax : Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goo...
Goods and Services Tax : DGGI in Gurugram has successfully dismantled a massive network of fake entities involved in fraudulent tax practices. The operatio...
Goods and Services Tax : DGGI Gurugram unmasked an Input Tax Credit fraud operation with 461 shell entities, causing a loss of Rs. 863 crore to exchequer....
Goods and Services Tax : CGST Navi Mumbai arrests one person for availing and passing on fake ITC on bogus invoices On 18th August 2022, the Proprietor/ma...
Goods and Services Tax : CGST Bhiwandi Commissionerate arrests two persons for availing and passing on fake ITC on bogus invoices of Rs. 55 crore Officers ...
Income Tax : Income Tax Department conducts search operations in West Bengal The Income Tax Department initiated search operation in the case o...
Income Tax : Bombay High Court dismisses Revenue's appeal in Refrigerated Distributors case, ruling no substantial law question arose on profit...
Income Tax : Mumbai ITAT rules income addition for bogus purchases limited to 5% estimated profit, citing Bombay High Court precedent. Assessee...
Income Tax : ITAT Mumbai partly allows Manish P. Lathia' s appeal, reducing bogus purchase addition to 5% based on industry precedents. AO dire...
Income Tax : Bombay High Court dismisses revenue's appeal in PCIT Vs S V Jiwani case, upholding partial relief on alleged bogus purchases. Key ...
Income Tax : ITAT Mumbai cuts profit rate on alleged bogus paper purchases to 2%, citing low business margins and judicial precedent in assesse...
Goods and Services Tax : The Ministry of Finance, Government of India, recently released Instruction No. 03/2023-GST, dated 14th June, 2023, outlining stri...
Goods and Services Tax : Government of India has noticed instances of fake GST registrations and issuance of bogus invoices leading to revenue loss. A meet...
Goods and Services Tax : Instructions to ensure careful handling of registration, cancellation, and revocation of registration processes for fake taxpayers...
Goods and Services Tax : Our experience shows that the bill traders after getting registrations, issue invoices without supply of goods or services for hug...
Goods and Services Tax : Assessment of return non-filers u/s 62 is done as a measure to ensure filing of return. However, the taxpayers are' detected as no...
Bombay High Court dismisses Revenue’s appeal in Refrigerated Distributors case, ruling no substantial law question arose on profit estimate for bogus purchases.
Mumbai ITAT rules income addition for bogus purchases limited to 5% estimated profit, citing Bombay High Court precedent. Assessee gets partial relief.
ITAT Mumbai partly allows Manish P. Lathia’ s appeal, reducing bogus purchase addition to 5% based on industry precedents. AO directed for verification.
Bombay High Court dismisses revenue’s appeal in PCIT Vs S V Jiwani case, upholding partial relief on alleged bogus purchases. Key judgment details inside.
ITAT Mumbai cuts profit rate on alleged bogus paper purchases to 2%, citing low business margins and judicial precedent in assessee’s appeal.
Mumbai ITAT reduces tax disallowance on alleged bogus purchases to 5%, ruling profit element taxable when transactions are proven, distinguishing higher court precedent.
ITAT Mumbai dismisses revenue’s appeal, upholds NFAC order restricting additions for alleged bogus purchases based on Bombay HC precedents.
Calcutta High Court upholds PCIT’s power to revise assessment based on minimal bogus purchase addition, citing lack of inquiry and Supreme Court precedent.
Supreme Court dismisses N.K. Proteins Ltd.’s appeal against DCIT, upholding prior tax assessment. No detailed judgment provided. (139 Chars)
Since the business sales were accepted as genuine and only the purchases were routed through accommodation entries, only a part of the purchases needed adjustment to reflect possible inflation of expenses confirming the restriction of bogus purchase addition to 5% and when additions were made on an estimated basis, penalty for concealment under Section 271(1)(c) could not be imposed.
