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 Delhi deleted additions made on alleged bogus purchases by Rama Hygienic Products Pvt. Ltd., citing lack of evidence and reli...
Income Tax : ITAT Mumbai rules on Nickunj Eximp case: Disputes over bogus purchases, demonetization cash deposits, and assessment procedures....
Income Tax : Bombay High Court upholds AO's addition for unverified bogus purchases in PCIT vs. Kanak Impex. Decision based on Section 69C and ...
Income Tax : Bombay High Court rules that profit estimation in bogus purchases does not raise a substantial question of law, dismissing the Inc...
Income Tax : Key ITAT Delhi decision in ACIT Vs Hella India Lighting Ltd.: Analysis of Section 69C addition, expense disallowance, and foreign ...
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...
The Allahabad High Court also denied the credit of alleged purchases in Shri Ganesha Rice Mills by stating `So far as the question of deduction of purchases from the corresponding sales are concerned, we may mention that the applicant being a manufacturer of Chuni-Bhusi and purchases having been found to be bogus and there is no other purchases of Chuni-Bhusi, the benefit of deduction of such purchases has rightly been disallowed
It cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the assessee who has not disclosed the sales. The sales only represented the price received by the seller of the goods for the acquisition of which it has already incurred the cost. It is the realisation of excess over the cost incurred that only forms part of the profit
CIT Vs. M.K. Brothers (163 ITR 249) sales-tax authorities had carried on certain investigations which revealed that a racket of issuing bogus vouchers by the said parties was prevailing in the market. The Income-tax Officer also learnt from local inquiries that the parties were not available at the addresses given.
The appellants are the Additional Income-tax Officer and the Commissioner of Income-tax (the revenue); and the respondent, Ponkunnam Traders, a firm, is the assessee. The judgment under appeal is reported as Ponkunnam Traders v. Addl. Income-tax Officer, Kottayam, [1972] 83 ITR 508 (Ker). Since the question involved is fairly simple,
