Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Bogus purchases and estimation of income were examined where the CIT(A) had directed the AO to add only the gross profit element in respect of purchases from four alleged suppliers. The tribunal found the assessee's construction activity undisputed and concluded purchases were actually from other parties yielding profits higher than the disclosed GP rate, so the CIT(A)'s restriction was incorrect. Applying jurisdictional High Court precedent that taxes only the profit margin in bogus purchases, the ITAT restricted the addition for the four non existent parties to 5% above the assessee's disclosed GP rate and partly allowed the revenue appeal.
Bogus purchases and estimation of income were examined where the CIT(A) had directed the AO to add only the gross profit element in respect of purchases from four alleged suppliers. The tribunal found the assessee's construction activity undisputed and concluded purchases were actually from other parties yielding profits higher than the disclosed GP rate, so the CIT(A)'s restriction was incorrect. Applying jurisdictional High Court precedent that taxes only the profit margin in bogus purchases, the ITAT restricted the addition for the four non existent parties to 5% above the assessee's disclosed GP rate and partly allowed the revenue appeal.
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