Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The appellant failed to prove the genuineness of the purchase transactions, and the goods were received from parties other than those from whom they were shown to have been purchased. The appellant deposited the input tax credit availed on the invoices from two entities, indicating that the goods were not received from those entities. The appellant inflated the expenditure by showing higher purchase prices through fictitious invoices from bogus suppliers. Since no sale can occur without purchase, and the appellant indulged in bogus purchases, a percentage of the bogus purchases can be added to arrive at the net income. The matter was remanded to the Assessing Officer for recalculations regarding the percentage of bogus purchases and/or gross profit, after providing an opportunity to the appellant to produce relevant and admissible material, in accordance with the law.
The appellant failed to prove the genuineness of the purchase transactions, and the goods were received from parties other than those from whom they were shown to have been purchased. The appellant deposited the input tax credit availed on the invoices from two entities, indicating that the goods were not received from those entities. The appellant inflated the expenditure by showing higher purchase prices through fictitious invoices from bogus suppliers. Since no sale can occur without purchase, and the appellant indulged in bogus purchases, a percentage of the bogus purchases can be added to arrive at the net income. The matter was remanded to the Assessing Officer for recalculations regarding the percentage of bogus purchases and/or gross profit, after providing an opportunity to the appellant to produce relevant and admissible material, in accordance with the law.
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