Bogus sales case laws

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WebMar 1, 2024 · The AO made additions towards long term capital gains derived from sale of shares and claimed as exempt u/s 10(38) of the Act, to the tune of Rs. 16.24 crores for the reason that the gains computed from sale of shares were unrealistic and the scrip was rigged in the market to derive undue benefit to the assessee. WebBOGUS Definition & Legal Meaning. Definition & Citations: ... The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If …

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WebOct 23, 2009 · Case laws on bogus purchases in favour of assessee Case law: 16 DTR 278 CIT V/s SINUJA FOODS P LTD (2008 (10) TMI 61 - HIGH COURT ... consumption or sale of goods suspected, revenue therefrom credited in P & l a/c ec. External and third party evidences like transporters note, insurance policy cover, etc. ill be highly useful. A party … Web•Similar provision in VAT law - On Quest Merchandising India Pvt.Ltd. Vs.Commissioner of Trade – Delhi(2024) HC struck down a similar provision under Delhi VAT Act as violative of Article 14 . SLP dismissed with rider that it can be used in case only in Fraud cases. – •Bombay HC decision in case of Mahalaxmi Cotton Ginning Pressing and Oil first indian woman olympic medal winner

bogus+purchase Indian Case Law Law CaseMine

WebDev Milk Foods Pvt. Ltd vs. Addl CIT (ITAT Delhi) S. 143 (3)/ 292BB: Under CBDT Instruction No.5/2016, a case earmarked for 'Limited Scrutiny' cannot be taken for 'Complete Scrutiny' unless the AO forms a "reasonable view" that there is a possibility of under assessment of income. The objective of the instruction is to (i) prevent fishing and ... WebThe SC referred to the decisions of the SC in the case of Kale Khan Mohammad Hanif V CIT1, Sumati Dayal Vs. CIT2, ... are bogus entries of name lenders.; If the enquiries and investigations reveal that the identity of the creditors appears to be dubious or doubtful, or lack creditworthiness, then the genuineness of the transaction could not be ... WebJun 15, 2024 · The addition was sustained by the ITAT 8% of the bogus purchases. On the facts and circumstances of the case, the Ld.CIT(A) has passed a reasonable order. He has correctly deleted the penalty with reference to bogus purchase addition at Rs.3,83,388/-, as the addition was done on an estimated basis. first indian woman physician

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ITAT Treating entire bogus purchases as the income of the Assessee

WebJan 25, 2024 · The A.O. thus made an addition of Rs. 1,42,34,578/- on account of alleged bogus purchases from Hawala dealers/parties. An appeal was preferred by the assessee before the CIT (Appeals). The appeal was allowed interalia on the ground that the A.O. having not disputed the sales, it was not a case of bogus purchases and that it was at … WebFurther, the A.O. passed on the information regarding presumed bogus sale of jewellery to the A.O. of Smt. Mohinder Wati, who reopened her case u/s. 147 of the Act and passed an order with the following remarks : ... we find that the Tribunal considered the entire case law on the subject including several decisions of the Supreme Court and this ... first indian who landed on moonWeb— Alex Shephard, The New Republic, 16 Feb. 2024 Which has left many observers puzzled over why Murdoch hasn’t yet settled his highest-stakes legal battle to date: a $1.6 billion … event management software crm

"WebThe case law quoted for disallowing 12.50 per cent is applicable for the trading concerns and not to manufacturing concerns. The assessee in this case was still benefiting being able to reduce its income by ` 11.54 crores (i.e. 87.5 per cent of bogus purchases). (ii) In case of M/s Hitech Engineers, the assessee had shown bogus " - Bogus sales case laws

Bogus sales case laws

Bogus billing under GST : A false claim on assessee - TaxGuru

WebThe genesis of the case is the Information which was received by the A.O. from DGIT (Inv.), Mumbai that there are some parties who are engaged in hawala transactions and are involved in issuing bogus bills for sale of material without delivery of goods, which information was based on information received from Maharashtra Sales Tax Authorities ... WebMost stalking laws in the United States require the offender(s) to make a credible threat of violence against the victim. In addition to directly threatening the victim with harm, family …

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WebJul 30, 2024 · No disallowance for bogus purchase on reconciliation of purchase with sales Before the Tribunal, the assessee stated that the suppliers after delivery raised the bill on … WebMar 30, 2024 · When these four conditions are satisfied, i.e. ( i) sales are recorded in the books ( ii) books are audited ( iii) the sales are reflected in the stock register and ( iv) sales matches with the sales declared to the VAT department, the onus lying on the assessee is discharged. 2.1 For discharging the onus and for proving that cash deposit in ...

WebAug 12, 2024 · It is settled law from Bombay High Court in the case of Nikunj Eximp enterprises (in writ petition no 2860, order dt 18.6.2014) that when sales are not …

WebJun 6, 2024 · It is settled law that when the sales are not doubted, 100% disallowance for bogus purchase cannot be done. This proposition is supported from Hon'ble Jurisdictional High Court decision in the case of...bogus purchases meets the end of justice. Hence, I direct that the disallowance in this case be restricted to 12.5% of the bogus purchase.5 ... WebFraud involves dishonest and deceptive conduct by a person or a party for the purpose of obtaining an unfair and unlawful gain. The act can constitute both a crime and a civil wrong. Detecting fraud can be difficult and sometimes it is never discovered. While knowing the law and your remedies is important, being able to identify circumstances ...

WebFeb 11, 2015 · Here, the legislative intent is clear. A.R.S. § 13-311, as amended, is entitled "Obtaining money or property by bogus check or other means * * *." The body of the statute specifically enumerates the various means: (1) false or bogus check, (2) any other printed, written or engraved instrument, (3) spurious coin or metal.

WebSep 1, 2024 · That the ld.CIT (A), swayed by the so-called prevailing menace of bogus bills, misconstrued the facts and the legal position of this case, to uphold the addition of … event management software for universitiesWebS. 68/ 69C: In case of bogus purchases where sales are accepted, the addition can be made only to the extent of difference between the GP declared by the assessee on normal purchases vis a vis bogus purchases. first indian woman rafale pilotWebOct 21, 2024 · INCOME TAX : Where Assessing Officer made addition by disallowing expenses on purchases on ground that an information was received from sales tax department that assessee was beneficiary of accomodation entries on account of bogus purchases, since Assessing Officer had not disputed corresponding sales transactions, event management software churchWebas a company the property will be the tenant s main home assured tenancy practical law - Aug 03 2024 web assured tenancy a tenancy of a residential property granted by a … event management software in malaysiaWebJan 25, 2024 · If the A.O. disallows the alleged bogus purchases but he does not dispute the corresponding sales transactions, then no disallowance can be made by A.O. There are number of case laws on this subject, few … first indian woman miss universeWebDefine bogus. bogus synonyms, bogus pronunciation, bogus translation, English dictionary definition of bogus. adj. 1. Counterfeit or fake; not genuine: bogus money; … first indian woman to become ipsWebApr 27, 2024 · Thus, GST is a good law but its bad implementation leads to increase in cases of bogus/fake billing. Further, Government has made amendments in law to curb this fake billing but the strict actions brings the innocent taxpayers into difficulty. The harassment by the department on these bonafide taxpayer. event management software infor