#Section 69C
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751 articlesIncome Tax
Income Tax
Budget 2018 Rationalises provisions of section 115BBE
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Addition not justified for mere non-compliance of inquiry U/s. 133(6) & of summons issued U/s. 131
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Bogus purchases: Assessee Failed to prove existence of parties, ITAT estimated net profit at 12.5%
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Addition U/s. Section 69C of IT Act is not mandatory, AO has discretion to add or not to add unexplained expenditure
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Service Tax paid through Banking Channel cannot be deemed as Unexplained
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Bogus Purchase- Addition by GP rate of 8% on bogus purchases justified
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AO can not make addition for Bogus Purchase U/s. 69C if all purchase / sales transactions are part of regular books
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Revenue cannot tax Both On Money and expenditure out of it as same amounts to double addition
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Addition based on mere statement of assessee which is retracted is not sustainable
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Section 40A(3): Cash Payment- Person means individual truck driver
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Defect in notice u/s 274 do not vitiates penalty proceedings; Addition for Bogus purchases U/s. 69C?
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Sec. 153C: Documents found during Search must belong to Assessee
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Entire Bogus Purchases cannot be added as undisclosed income
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