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Income Tax - Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goods. Such dealers have commonly referred as ‘hawala dealers’ The fact that the list purports to name only ‘Suspicious’ Dealers and not ‘confirmed hawala dealers’. ...
Read MoreIncome Tax - Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with any listed companies or with share broker by conducting Search/ Survey or by asking details u/s 133(6) of the Income Tax Act 1961....
Read MoreIncome Tax - ITAT Mumbai held in the case of Hiralal Chunilal Jain vs. ITO that addition for alleged Bogus Purchase not sustainable as AO had made the addition solely on the basis of information received from the Sales tax department without making any independent inquiry or following the principles of natural justice before making the addition. ...
Read MoreIncome Tax - Businessmen of Maharashtra State are facing a question, whether they should purchase goods from Maharashtra or not? It seems that due to provisions of MVAT Setoff carrying out business in Maharashtra has become difficult....
Read MoreIncome Tax - Denial to grant Input tax credit on Flimsy Grounds by the VAT Authorities without following the settled law laid down by Hon’ble Supreme Court of India and by the High Courts. Every Registered Dealer is the agent of Department of Excise & Taxation as while granting the registration, every registered dealer is authorized to collect [...
Read MoreIncome Tax - Chennai Zonal Unit of the Directorate General of Central Excise Intelligence Conducts Investigation under Summons Against 16 Insurance Companies Engaged in Providing Motor-Vehicle Insurance Policies, for Wrongly Availing Cenvat Credit to the Tune of Rs. 1200-2500 Crore on the Bogus Invoices of the Car Dealers....
Read MoreIncome Tax - Buy goods from a trusted seller who files return and thereby pays due tax collected from you. Mere 2B statement filing by selling dealer not sufficient – selling dealer needs to back it up with return....
Read MoreIncome Tax - In the biggest tax evasion fraud of this financial year, the State Excise and Taxation department has unearthed a bogus billing scam to the tune of Rs 656.71 crore by three renowned Ludhiana firms — Singhania International, Shree Vallabh Exports and Krishna Ispat Limited. As per investigations, the firms — all of which deal in [&helli...
Read MoreCIT Vs Smt. Pooja Agarwal (Rajasthan High Court) - CIT Vs Pooja Agarwal (Rajasthan High Court) One of the main reasons for not accepting the genuineness of the transactions declared by the appellant that at the time of survey the appellant in his statement denied having made any transactions in shares. However, subsequently the facts came on record ...
Read MoreITO Vs Shri K. Ramakrishna Reddy (ITAT Hyderabad) - Ld. CIT(A) erred in treating the income offered by the assessee under the head income from capital gains as against under the head income from other sources as assessed by the Assessing Officer treating the same as income from undisclosed sources....
Read MoreShri Sanjay H Shah Vs ITO (ITAT Mumbai) - Where AO was of view that assessee had made bogus purchase on the ground that no proof of transportation and lorry receipt was filed, however, AO was not justified in making addition of 25% of purchase amount and addition was to be restricted to 5% of purchase....
Read MoreMeenu Goel Vs ITO (ITAT Delhi) - Meenu Goel Vs ITO (ITAT Delhi) The assessee has submitted various documentary evidences to prove the genuineness of the transaction of sale and purchase of shares which includes a copy of purchase bill dated 22.02.2010; a copy of share transfer form in the favour of the assessee; Copy of bank statem...
Read MorePrabhat Gupta Vs. ITO (ITAT Mumbai) - Non service of noticed is not a ground to raise the addition of bogus purchase to the income of the assessee in view of the law settled in CIT Vs. M/s. Nikunj Eximp Enterprises P. Ltd. 2016 taxman.com 171 (Bombay High Court). ...
Read MoreF.No.287/30/2014-IT (inv. II)-Vol-III - (16/03/2016) - Assessing Officer to ensure that information available in the 'Penny Stock' functionality which may be useful for the purpose of cases presently under scrutiny, is examined and considered while finalizing assessments and considering reopening of cases u/s 148 of the IT Act, 1961. ...
Read MoreCIT Vs Smt. Pooja Agarwal (Rajasthan High Court) -
ITO Vs Shri K. Ramakrishna Reddy (ITAT Hyderabad) -
Shri Sanjay H Shah Vs ITO (ITAT Mumbai) -
Meenu Goel Vs ITO (ITAT Delhi) -
Prabhat Gupta Vs. ITO (ITAT Mumbai) -
New Consolidated Construction Company Ltd. Vs Dy. CIT (ITAT Mumbai) -
N.K. Industries Ltd. Vs. Dy. CIT (Gujarat High Court) -
Centaur Mercantile P. Ltd. Vs ACIT (ITAT Mumbai) -
CIT Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court) -
ACIT (OSD) Vs. Deepakbhai N. Parikh (ITAT Ahmedabad) -
