https://www.taxtmi.com/article/detailed?id=9586 Bogus transactions include fabricated purchases, substitution with grey-market acquisitions, and unrecorded supplier sales; where purchases are non-existent the full amount may be added to income, whereas where suppliers are bogus tax authorities typically estimate and tax the profit element. Assessments are often reopened on third party information; the assessee bears initial burden of proof by adducing delivery records, bank evidence and stock documentation, after which the Revenue must investigate and justify characterisation as bogus. en-us Tue, 15 Dec 2020 14:43:23 +0530 Tue, 15 Dec 2020 14:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9586 Bogus transactions include fabricated purchases, substitution with grey-market acquisitions, and unrecorded supplier sales; where purchases are non-existent the full amount may be added to income, whereas where suppliers are bogus tax authorities typically estimate and tax the profit element. Assessments are often reopened on third party information; the assessee bears initial burden of proof by adducing delivery records, bank evidence and stock documentation, after which the Revenue must investigate and justify characterisation as bogus. Articles Income Tax Tue, 15 Dec 2020 14:43:23 +0530 https://www.taxtmi.com/article/detailed?id=9586