Income Tax : The issue concerns how purchase classification affects tax treatment. The key takeaway is that bogus purchases lead to full disall...
Income Tax : Courts have clarified that purchases cannot be disallowed without proper evidence. Genuine transactions supported by documents can...
Income Tax : ITAT held that section 69 cannot be invoked where purchases are duly recorded in books and paid through banking channels, making t...
Income Tax : The Tribunal held that purchases cannot be fully disallowed merely on suspicion and supplier deficiencies. The issue was remanded ...
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 ...
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 : Tribunal observed that the Assessing Officer failed to establish any mismatch in stock, sales, or accounting records before making...
Income Tax : The Hyderabad ITAT held that purchases cannot be treated as bogus merely because the supplier failed to respond to a notice under ...
Income Tax : ITAT Rajkot held that in cases involving bogus purchases, only the profit element embedded in such purchases can be added to incom...
Income Tax : Delhi ITAT held that cancellation of GST registration and non-response from suppliers alone cannot justify treating entire purchas...
Income Tax : ITAT Delhi held that where sales are accepted and purchases are supported by invoices and banking transactions, only the profit el...
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...
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.
ITAT Mumbai affirms 12.5% profit addition confirmed by NFAC in ITO Vs Rajesh Amulakhrai Sanghvi case for AY 2009-10. Detailed analysis of the order and its implications.
Discover Mumbai ITAT order on Capacite Infra Projects Ltd Vs DCIT, analyzing disallowance of non-genuine/Bogus purchases and its implications on tax assessment.
In Bharat Agro Industries Vs DCIT, New Delhi ITAT questions the logic of treating sales as bogus when purchases are genuine and stock is accepted.
Analysis of Leelaben Kantilal Parekh Vs ITO (ITAT Mumbai) case discussing the validity of a reopening notice under section 148 and addition under section 69C for bogus purchases.
ITAT Mumbai held in Supertech Construction Company Vs ACIT that penalty notice lacked clarity on grounds for penalty & penalties cannot be levied on additions made on Estimated Bogus Purchase Addition.
ITAT Bangalore directs re-evaluation of ex-parte assessment order on alleged bogus purchases by Kalu Singh. Detailed analysis and implications of the decision.
