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 : ITAT Chennai remands the case on bogus purchases of Rs.92.43 lakhs to the AO for re-adjudication, allowing new evidence and addres...
Income Tax : ITAT Jaipur upheld CIT(A)'s decision to delete bogus purchase additions, validating a 13.05% profit rate declared by the assessee ...
Income Tax : ITAT Mumbai quashes penalty under Section 271(1)(c) for Vijay Jewellers, citing estimated additions for bogus purchases. No concea...
Income Tax : ITAT Mumbai grants partial relief to Ramniklal & Sons in the bogus purchase case, directing reassessment based on judicial precede...
Income Tax : ITAT Ahmedabad deletes Bogus Purchase Additions as revenue authorities failed to provide contradicting evidence to disprove genuin...
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...
ITAT Chennai remands the case on bogus purchases of Rs.92.43 lakhs to the AO for re-adjudication, allowing new evidence and addressing 80-IA deduction issue.
ITAT Jaipur upheld CIT(A)’s decision to delete bogus purchase additions, validating a 13.05% profit rate declared by the assessee in the case.
ITAT Mumbai quashes penalty under Section 271(1)(c) for Vijay Jewellers, citing estimated additions for bogus purchases. No concealment or inaccurate details found.
ITAT Mumbai grants partial relief to Ramniklal & Sons in the bogus purchase case, directing reassessment based on judicial precedents.
ITAT Ahmedabad deletes Bogus Purchase Additions as revenue authorities failed to provide contradicting evidence to disprove genuineness of transactions
Bombay High Court upholds ITAT ruling in PCIT Vs SVD Resins, focusing on the legitimacy of purchase transactions and tax implications under Section 69C.
Explore the detailed ITAT Mumbai order on Trustar Diamonds appeal against ACIT for A.Y. 2012-13, addressing alleged bogus purchases in the diamond industry.
In the case of Sangam Wires Vs ITO, ITAT Hyderabad directed AO to restrict addition of Rs. 16.8 crores as bogus purchases, focusing on the profit embedded amount. Get insights here.
In DCIT Vs Nilesh Shantilal Tank case, Mumbai ITAT confirms 12.5% gross profit margin on alleged bogus purchases as sales remain undisputed. Full text of the order included.
ITAT held that if sales are not disputed and there is no discrepancy between purchases and declared sales, addition should be restricted to bring gross profit on alleged bogus purchases in line with other genuine purchases.
