Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 Highlights - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws----
  • ---- All Laws----
  • Income Tax
  • Direct Taxes
  • Benami Property
  • Central GST Laws
  • SGST - State GST Laws
  • Customs
  • FTP - Foreign Trade Policy
  • SEZ - Special Economic Zone
  • FEMA - Foreign Exchange Management
  • Companies Law
  • SEBI - Securities & Exchange Board of India
  • IBC - Insolvency and Bankruptcy
  • Law of Competition
  • PMLA - Money-Laundering
  • Indian Laws
  • Bill / Finance Bills
  • Wealth Tax
  • Service Tax
  • Central Excise
  • VAT / Sales Tax
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
RelevanceDefaultDate
    Customs valuation: proven under-invoicing sustains duty and confiscation, while provisional assessments require lawful finalisation before consequenti...
    Sole or principal use classification placed imported floating seals under machinery-parts heading, defeating extended-period customs consequences.
    Roasted nut classification follows specific Chapter 20 entries, while preferential duty depends on establishing prescribed originating status.
    Semi-manufactured gold classification under Heading 7108 permits conditional ASEAN tariff preference without displacing separate import-policy restric...
    Section 7 insolvency admission proceeds despite unfinalised compromise proposals, settlement talks and pending counterclaims where financial debt and ...
    Proportional disciplinary suspension requires hearings on unrelated assignments; creditor committees retain discretion to replace resolution professio...
    Limitation for insolvency applications defeated proceedings despite valid partner authorisation and advances qualifying as financial debt.
    SEZ service-tax exemption for authorised operations survives procedural refund restrictions, allowing refunds where specified services support approve...
    Cheque dishonour presumptions survive cash-loan reporting breaches, while rebuttal requires more than a bare denial of liability.
    Non-arbitrability of company restructuring disputes requires NCLT adjudication, permitting supervisory intervention and ending arbitration concerning ...
    Scientific research approval enables eligible donation treatment, subject to annual reporting compliance and donor certificate requirements.
    Capital asset transfer under an approved public sector restructuring plan is notified as not regarded as a taxable transfer.
    Special Rupee Vostro Accounts enable INR trade settlement and permissible cross-border transactions under consolidated operational instructions.
    Natural justice breach from portal-only notice required restoration of the GST appeal for merits adjudication without further pre-deposit.
    Advance-ruling jurisdiction excludes completed transactions and cannot affirm tax positions already implemented in statutory returns.
    Annual shipping income assessment option challenged alongside separate vessel-wise assessments, with recovery stayed pending writ petition disposal.
    Operating lease ownership supports depreciation despite lessee registration, while undecided maintenance-charge grounds require fresh determination.
    Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative dela...
    Refund adjustment against a subsisting stayed tax demand is unsustainable; the refund must be restored with applicable interest.
    Software licensing ancillary services and deemed Indian accrual are assessed under principles governing technical-service income.
❯❯
MaximizeMaximizeMaximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

    +

    Are you sure you want to delete "My most important" ?

    NOTE:

    Highlights
    Showing Results for :
    Reset Filters
    Results Found:
    Show All SummariesHide All Summaries

    Highlights

    Back

    All Highlights

    Showing Results for :
    Reset Filters
      No Records Found

      Highlights

      Back

      All Highlights

      whatsappJoin Channel
      Showing Results for : Reset Filters

      The bogus transactions are a camouflage and dishonest attempt to...

      Revenue's Appeal Upheld: AO to Assess Bogus Transactions at 12.5% Annually After CIT(A) Incorrectly Reduced Rate.

      Contents
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

      Income TaxAugust 10, 2024Case LawsHC
      The bogus transactions are a camouflage and dishonest attempt to avoid tax, resulting in addition to the assessee's income. The AO's approach should be well-considered, adhering to lawful norms and principles. If transactions are found bogus, they must be discarded by making appropriate permissible additions. The CIT(A) erred in reducing the gross profit returned by the assessee from 12% to 4.74%, as it had no bearing on purchases made by procuring bills to save VAT. The revenue's appeal was allowed, directing the AO to assess income from such transactions at 12.5% in each assessment year on the purchases made. The assessee accepted this finding as beneficial. If authorities view purchases as questionable or bogus, they must undertake necessary inquiries, including procuring information from other departments, to ascertain correct facts and bring such transactions to tax to prevent tax evasion and ensure real income is taxed.

      Topics

      ActsIncome Tax