Jurisdictional validity of revision notices: incorrect official capacity and mere change of opinion invalidate revision of property income assessments...
Bogus-purchase additions are limited to embedded profit where corresponding sales are accepted, while accommodation-entry information can support reas...
Where purchases are obtained through accommodation-entry...
Bogus-purchase additions are limited to embedded profit where corresponding sales are accepted, while accommodation-entry information can support reassessment.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Where purchases are obtained through accommodation-entry providers but corresponding sales remain undisputed, taxation is confined to the profit element embedded in those purchases rather than the entire purchase value. In comparable bogus-purchase transactions, an addition of 15% of the impugned purchases was sustained. Reassessment based on accommodation-entry information is valid where the Assessing Officer supplies recorded reasons, disposes of objections, and possesses prima facie material with a live link to the belief that income escaped assessment. At the reopening stage, the material need not be conclusive; its sufficiency is not examined.
Where purchases are obtained through accommodation-entry providers but corresponding sales remain undisputed, taxation is confined to the profit element embedded in those purchases rather than the entire purchase value. In comparable bogus-purchase transactions, an addition of 15% of the impugned purchases was sustained. Reassessment based on accommodation-entry information is valid where the Assessing Officer supplies recorded reasons, disposes of objections, and possesses prima facie material with a live link to the belief that income escaped assessment. At the reopening stage, the material need not be conclusive; its sufficiency is not examined.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
