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Income Tax - Surinder Jit Singh Chief Commissioner of Income Tax-3, New Delhi sjsingh59@gmail.com Surinder Jit Singh is graduate in Mechanical Engineering from Punjab Engineering College in 1981 and joined Income Tax Department in 1984 as an IRS officer and has worked at Chandigarh, Ludhiana, Pune, Bombay, Amritsar and at Delhi in various capacities ...
Read MoreIncome 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 - Anti Evasion wing of CGST Delhi has detected a case of Input Tax credit fraud through fake invoices issued by bogus firms. Investigations led to discovering the accused had also been generating bogus e-way bills to back the fake invoices....
Read MoreIncome Tax - irectorate General of GST Intelligence (DGGI), Gurugram Zonal Unit, Gurugram arrested Sh. Rajiv Gupta on 23.10.2019, partner in M/s RST Batteries, Mundka Delhi and Director of M/s RST Batteries Pvt. Ltd Bahadurgarh, Haryana for orchestrating a racket involving fake invoices valued at more than Rs 136 crores thereby defrauding the Governme...
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 MoreOmkar Metal & Alloys Corporation Vs ITO (ITAT Mumbai) - Addition in case of bogus purchases was required to be made only to the extent of lower GP declared by assessee on bogus purchases as compared to G.P. on normal purchases. Thus, no addition was warranted in case of assessee as GROSS PROFIT declared by assessee in respect of alleged bogus purchases w...
Read MoreDharmendra N. Zaveri Vs ACIT (ITAT Mumbai) - Hon’ble Court has held that the addition has to be made on the basis of GP of the assessee. Accordingly, ITAT set aside the order of CIT(A) and direct the AO to apply a rate of 3% on the bogus purchases....
Read MorePCIT Vs Rishabhdev Tachnocable Ltd. (Bombay High Court) - It was held that whether the purchases were bogus or whether the parties from whom such purchases were allegedly made were bogus was essentially a question of fact. When the Tribunal had concluded that the assessee did make the purchase, as a natural corollary not the entire amount covered by such p...
Read MoreThe Principal Commissioner of Income Tax-25 Vs Pinaki D. Panani (Bombay High Court) - Pr. CIT Vs Pinaki D. Panani (Bombay High Court) Even if the purchases made from the parties in question are to be treated as bogus, it does not necessarily mean that entire amount should be disallowed and that no benefit should be given to the Respondent-Assessee. Assuming that the purchasers from w...
Read MoreHemant M Mehta HUF Vs ACIT (ITAT Mumbai) - Hemant M Mehta HUF Vs A.C.I.T. (ITAT Mumbai) In case of bogus purchases where sales are accepted, the addition is required to be made only to the extent of difference between the GP declared by the assessee on normal purchases vis a vis bogus purchases. Respectfully following the order of the Hon’...
Read MoreNA - (11/11/2019) - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 11th November, 2019 PRESS RELEASE Income Tax Department busts a major racket of bogus billing & hawala transactions Income Tax Department carried out searches in the first week of November, 201...
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 MoreOmkar Metal & Alloys Corporation Vs ITO (ITAT Mumbai) -
Dharmendra N. Zaveri Vs ACIT (ITAT Mumbai) -
PCIT Vs Rishabhdev Tachnocable Ltd. (Bombay High Court) -
The Principal Commissioner of Income Tax-25 Vs Pinaki D. Panani (Bombay High Court) -
Hemant M Mehta HUF Vs ACIT (ITAT Mumbai) -
Mukat Behari Sharma Vs Union of India (Rajasthan High Court) -
NA - (11/11/2019) -
CIT Vs Ms Odeon Builders Pvt. Ltd. (Supreme Court) -
