Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Estimation of income - bogus purchases - The Tribunal considered the facts surrounding the alleged bogus purchases. Despite the inability of the assessee to establish the identity of the parties and the genuineness of the transactions, the Tribunal deliberated on whether the Assessing Officer was justified in adding the entire amount of bogus purchases or only the profit margin. Referring to a precedent set by the Hon’ble Gujarat High Court, the Tribunal concluded that once it is determined that the amount represents alleged bogus purchases from bogus suppliers, it is not necessary to restrict the disallowance. Thus, the Tribunal upheld the addition of 100% of the alleged bogus purchases.
Estimation of income - bogus purchases - The Tribunal considered the facts surrounding the alleged bogus purchases. Despite the inability of the assessee to establish the identity of the parties and the genuineness of the transactions, the Tribunal deliberated on whether the Assessing Officer was justified in adding the entire amount of bogus purchases or only the profit margin. Referring to a precedent set by the Hon’ble Gujarat High Court, the Tribunal concluded that once it is determined that the amount represents alleged bogus purchases from bogus suppliers, it is not necessary to restrict the disallowance. Thus, the Tribunal upheld the addition of 100% of the alleged bogus purchases.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
