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...
M/s Pavapuri Metals & Tubes Vs ITO (ITAT Mumbai) It is not in dispute that sales have been accepted as genuine from out of these purchases. When the sales have been accepted as genuine the entire purchases cannot be treated as non-genuine. The Hon’ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd […]
The issue under consideration is whether the CIT(A) is correct in confirming the addition made by AO for non-genuine and bogus purchases by applying profit rate at the rate of 12.5% of the bogus purchases?
An urgent meeting of the Law Committee of the Goods and Service Tax (GST) Council has been convened tomorrow in New Delhi to discuss in detail the issue of fake invoices to claim input tax credit under the indirect tax regime. The meet will deliberate on ways of further tightening of the GST registration process […]
Mumbai Zonal Unit of the Directorate General of GST Intelligence, CBIC has arrested Mr. Sunil Ratnakar Gutte, Director of M/s. Sunil Hitech Engineering Ltd., on charges of having fraudulently availed, utilized, as well as passed on fictitious Input Tax Credit, today, 12th November 2020.
Surana Enterprises Vs ITO (ITAT Delhi) The issue under consideration is whether the addition made by AO u/s 69C by considering the purchases as Bogus Purchase is justified in law? ITAT states that, in present case, the assessee has shown sales of the goods, or otherwise the goods are lying in the closing stock. If […]
The issue under consideration is whether the disallowance u/s 69C of entire purchase amount by considering it as bogus is justified in law?
ITO v. Raj Tools Centre PAP (ITAT Mumbai) Appeals is against addition of ₹.2,60,603/-, as unexplained expenditure u/s 69C of the Act. As per the investigations carried out by the Sales Tax Authorities, the aforementioned parties were found to be involved in giving accommodation entries only without actually supplying the goods. The logical inference is […]
ITO Vs Abhay Kantilal Shah (ITAT Mumbai) In instant case, as mentioned earlier, the assessee has filed before the AO copies of (i) bank statements for the financial year 201011, evidencing the payments made to these parties; (ii) ledger account of all the parties; (iii) purchase invoices from these parties and (iv) sale invoices as […]
The issue under consideration is whether the CIT is correct in restricting the disallowance u/s 69C against bogus purchase at rate of 12.5% of the bogus purchases?
The issue under consideration is whether the addition made by CIT(A) on account of bogus purchases at rate of 12.5% of purchase u/s 69C is justified in law?
