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 : Explore the detailed ITAT Mumbai order on Trustar Diamonds appeal against ACIT for A.Y. 2012-13, addressing alleged bogus purchase...
Income Tax : In the case of Sangam Wires Vs ITO, ITAT Hyderabad directed AO to restrict addition of Rs. 16.8 crores as bogus purchases, focusin...
Income Tax : In DCIT Vs Nilesh Shantilal Tank case, Mumbai ITAT confirms 12.5% gross profit margin on alleged bogus purchases as sales remain u...
Income Tax : ITAT held that if sales are not disputed and there is no discrepancy between purchases and declared sales, addition should be rest...
Income Tax : ITAT Mumbai affirms 12.5% profit addition confirmed by NFAC in ITO Vs Rajesh Amulakhrai Sanghvi case for AY 2009-10. Detailed anal...
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...
PCIT (Central) Vs Agson Global Pvt. Ltd. (Delhi High Court) 1. Dismissing a bunch of appeals against deletion of addition u/s 68 towards Share capital/ share premium, bogus purchases and deposit in bank account, the Hon’ble Delhi High Court vide judgment delivered on 19.01.2022 (yesterday) has held that where the ITAT decided the matter based […]
Nayan Jayantilal Balu Vs Union of India (Bombay High Court) Perusal of the complaint launched against Petitioner also disclose allegations that Petitioner failed to substantiate the claim of purchases amounting to Rs. 2,74,03,016/- and the assessing officer held the purchases to be bogus and made an addition of Rs. 34,25,377/(12.5% of the bogus purchases). On Appeal […]
ACIT Vs Armee Infotech (ITAT Ahmedabad) In the case of Gujarat Ambuja (supra), the AO disallowed 25% of the bogus purchase, which has been reduced to 5% at the level of ITAT. This decision of the ITAT was challenged before the Hon’ble Gujarat High Court, the Hon’ble Court did not interfere in the finding of […]
Vageesh Umesh Jaiswal Vs State of Gujarat (Gujarat High Court) The whole object of issuing a show-cause notice is to make the recipient of the notice understand what the authority is trying to convey and what are the nature of the allegations. In the case on hand, when there are allegations of bogus billing, it […]
The invoices are called as fake where the GST invoices are raised by an entity without actual supply of goods or services or payment of GST. Fake invoices are raised for the following purposes: I. Claiming undue excess ITC. II. For showing excess Turnover. III. Transferring credit from one registration to another without any actual supply.
Iit was stated that the respondent to that application i.e. the present petitioner was still engaging himself in issuance of fake paper invoices and thereby passing of fake / ineligible ITC running into crores of rupees
PCIT Vs JK Surface Coatings Pvt. Ltd. (Bombay High Court) The only issue that comes up for consideration is with respect to the extent of ad-hoc disallowance to be sustained with respect to bogus purchases. The AO has observed 100% of the purchase value to be added to the income of Assessee, the CIT(A) has […]
Income Tax Department conducts search operations in West Bengal The Income Tax Department initiated search operation in the case of two major manufacturers and suppliers of refined lead, lead alloys and lead oxides on 07.12.2021. The search operation covered 24 premises spread over in the states of West Bengal and Uttar Pradesh. During the search and seizure action, […]
United Waterproofing Corporation Vs ITO (ITAT Mumbai) We note that Ld. CIT(A) has enhanced the addition on account of bogus purchases to 100% of the bogus purchases as against 12.5% applied by the AO. The only reason given by the Ld. CIT(A) is that the assessee has failed to prove the genuineness of purchases and […]
WHAT IS A FAKE INVOICE? Though, Fake Invoice is not defined under Goods & Services Tax Act, 2017. But in general, Fake Invoice refers to an Invoice which does not comply with the provisions of the Act and Rules. In simple terms, When a registered person issues a Tax Invoice without actual supply of goods […]
