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Tax Authorities should Limit Additions to Gross Profit Rate in Bogus Purchase C…
The primary issue revolves around the addition of Rs. 1,25,62,972/- on account of alleged bogus purchases and commission, based on the findings of the Assessing Officer (AO) during the scrutiny assessment. After hearing both the parties, relying on …
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No Income Additions Based Solely on Director's Statement Recorded During Survey…
The High Court has upheld the Tribunal's decision in a case involving M/s Sunshine Import and Export Private Limited, a company engaged in the manufacturing and trading of precious and semi-precious stones and jewelry. The case revolved around wheth…
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Assessee Triumphs in Bogus Purchase Case: Retracted Statement Insufficient for …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) allowed the appeals filed by M/s Yashasvi Fish Meal and Oil Company, Udupi, against the additions made by the Assessing Officer (AO) towards bogus purchases for various assessment yea…
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Exporters' Boon or Bane? Navigating Rule 96(10)'s Complexities
A pivotal rule governing IGST refunds for exporters, Rule 96(10) of the CGST Rules has undergone numerous amendments, creating a labyrinth of conditions and exceptions. This intricate rule aims to strike a balance between facilitating exports and pr…
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Its true that AO should corroborate section 133A oaths, but in section 69 (unex…
The Kerala High Court clarified that the statement made on oath by an assessee during survey proceedings is not conclusive and can be explained or withdrawn by the assessee. Assessment of tax cannot be solely based on the sworn statement made by the…
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The ITAT held it was premature to levy penalty at this stage as CIT(A)'s second…
The case involves M/s. Kottakkal Wood Complex appealing against the penalty order u/s. 271(1)(c) of the Income Tax Act for the assessment years 2002-03 to 2008-09. The appeals were filed against the consolidated order of the CIT(A) dated 30/09/2019.…
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Parties no longer stay at said address can't prove that purchases are bogus.
The Income Tax Appellate Tribunal (ITAT) Delhi Bench, in the case of Dy. Commissioner of Income Tax, Cir.14(1), New Delhi vs. M/s Padmini VNA Mechatronics Pvt. Ltd., dismissed the departmental appeals against the deletion of additions on account of …
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No-show of parties alone can't label purchases as bogus
The Income Tax Appellate Tribunal (ITAT) recently ruled in favor of GTM Builders & Promoters Pvt. Ltd., dismissing the Assessing Officer's (AO) allegations of bogus transactions. The AO had disallowed purchases worth Rs. 3,35,87,118 made from four p…
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The 2-year limit for a GST refund claim u/s 54 starts from the date you submit …
The Gujarat High Court allowed a GST refund claim filed by a company, overruling the tax department’s rejection of the claim as time-barred. The court held that the date of filing the refund application on the GST portal should be considered as the …
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Mere circular book entries can't be added as bogus purchases
In a recent case, the Tribunal partially upheld the addition of Rs. 13,02,88,386/- made by the Assessing Officer (AO) under Section 69C of the Income Tax Act, 1961, on account of alleged bogus purchases. The assessee, a corporate entity trading in g…
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How much can AO add back to your income if you've unverified creditors?
In a recent case, the ITAT restricted the addition made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961, on account of unverified/non-existent/bogus sundry creditors in the books of the assessee. The assessee, an individua…
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AO can't solely rely on forced confessions during survey for add backs.
In a recent case involving Smt. Usha Rani Talla, the ITAT upheld the deletion of additions made by the AO to her income based on a statement recorded during a survey under Section 133A of the Income Tax Act. The additions pertained to Rs. 20 lakhs t…
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No books of accounts are to be maintained, ITAT orders deletion of income add b…
Income Tax,Sep. 16, 2021The Income Tax Appellate Tribunal (ITAT) has allowed an appeal challenging additions made by the Assessing Officer (AO) to the appellant's income. The appellant, a kirana merchant, was not required to maintain any books of account as per Section 44AA read with Section 44AF of the Income-tax Act, 1961. The AO made additions solely relying on a statement recorded during a survey under Section 133A. The ITAT directed the AO to delete the additions mad…
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Only the profit from bogus purchases, not the entire amount, should be taxed if…
Income Tax,Oct. 07, 2020The case involves an appeal by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) regarding the treatment of bogus purchases made by the assessee. The Revenue contended that the entire amount covered by such purchases should have been added to the total income of the assessee, while the ITAT directed the Assessing Officer to make a further addition of 3% of the bogus purchases and estimate the income accordingly. The High Cou…
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BGR Energy Systems embroiled in bogus purchases case, court upholds tax departm…
Income Tax,Jul. 06, 2021This case revolves around BGR Energy Systems Ltd. (BGRESL), a company engaged in manufacturing capital goods and executing EPC contracts. During a search operation, the Income Tax Department found evidence suggesting that BGRESL had obtained bogus purchase bills from certain vendors to inflate expenses. The company’s founder, Late B.G. Raghupathy, was also implicated in the case. The court upheld the tax department’s additions towards these alleged…
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Appeal Allowed: No Addition on Account of Bogus Purchases and Disallowance u/s …
Income Tax,Sep. 02, 2021The Income Tax Appellate Tribunal, Delhi Bench, allowed the appeal filed by Firepro Wireless & Technologies Pvt. Ltd. against the order of the CIT(A)-31, New Delhi relating to assessment year 2007-08. The Tribunal held that no addition on account of bogus purchases and disallowance u/s 14A was justified.
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Bombay ITAT allows trader’s appeal, directs AO to restrict additions to GP rate…
Income Tax,May. 11, 2021The case involves appeals filed by an assessee, a trader of ferrous and non-ferrous metals, against the CIT(A)’s order confirming the AO’s ad-hoc disallowance of 12.5% of trading purchases from alleged hawala parties. The ITAT set aside the CIT(A)’s order and directed the AO to restrict additions to the extent of bringing the GP rate on disputed purchases at the same rate as other genuine purchases, following the Bombay High Court’s decision in Moh…
MCA Imposes ₹3.65 Lakh Penalty on Director for Violating DIN Regulations
The Ministry of Corporate Affairs (MCA) has imposed a penalty of ₹3.65 lakh on a director, Mr. Sandeep Kumar, for non-compliance with the Director Identification Number (DIN) regulations. This action, documented under Order No: ROC/ADJ/326/223465/2023 dated February 22, 2024, highlights the importance of adherence to the legal requirements under the Companies Act, 2013. The case involves M/S. Octacle Integration Private Limited, a company registere…
Co. Law, Sebi, Audit & A/c,Apr. 02, 2024-
Once a GST Refund application complete as per rule 89(2) is filed, the limitati…
Goods & Services Tax,Apr. 11, 2024The case involves the National Internet Exchange of India (petitioner) challenging the rejection of its claim for refund of Integrated Goods and Services Tax (IGST) in respect of zero-rated supplies. The rejection was based on the ground that the petitioner’s application was filed beyond the period stipulated under Section 54(1) of the Central Goods and Services Tax Act, 2017. The petitioner argued that its subsequent applications were filed online…
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MCA Levies Rs. 3.41 Lakh Penalty for Director’s DIN Violation.
Co. Law, Sebi, Audit & A/c,Mar. 12, 2024In a stern move to uphold corporate governance standards, the Ministry of Corporate Affairs (MCA) has imposed a substantial penalty of Rs. 3.41 lakh on a director for violating the Director Identification Number (DIN) regulations. The case involves Subhangini Industries Private Limited, where a director, Mr. Sandeep Kumar, was appointed without a valid DIN, contravening Section 152(3) of the Companies Act, 2013. The penalty highlights the importanc…
Court restores GST registration of garment manufacturer, sets aside cancellatio…
Goods & Services Tax,Apr. 09, 2024The court set aside the order cancelling the petitioner's GST registration with retrospective effect from 03.12.2021. The petitioner, a garment manufacturer, had applied for a change in registered business address, but the application was rejected due to non-submission of documents. Subsequently, the petitioner's GST registration was cancelled retrospectively for allegedly issuing invoices without supply of goods or services. The court found the ca…
GST refund formula in Rule 89(5) of CGST Rules is absolutely legal, Supreme Cou…
This case revolves around the validity of Rule 89(5) of the Central Goods and Services Tax (CGST) Rules, which prescribes a formula for calculating the refund of unutilized input tax credit (ITC) on input services. The Supreme Court upheld the validity of this rule, overruling the Gujarat High Court's decision that had struck down the rule as ultra vires (beyond the scope) of Section 54(3) of the CGST Act.
Goods & Services Tax,May. 19, 2022-
Goods & Services Tax , Mar. 02. 2021Exporter entitled to IGST refund despite availing higher drawback rate; circula…
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Others , Mar. 08. 2024
CBI Arrests Two Officials of DGFT and MD of Private Company in Bribery Case
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Goods & Services Tax , Apr. 25. 2024Gujarat HC rules - denying refund of unutilized input tax credit on input servi…
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Goods & Services Tax , Mar. 03. 2021
Delhi High Court acquits Assistant Commissioner of Sales Tax in bribery case, c…
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Customs & Excise , Mar. 09. 2024Customs Corruption Exposed: Superintendent Accused of Extortion Racket
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