Latest Income-Tax Details

For Full Access To All Latest Judgments on Income Tax
Click Here To Subscribe Now
Take a tour of our Income-Tax Library

The facts of the case are that the Assessing Officer  has taken out the purchases of Rs. 73,34,227 made under the head "others" for verification and in the absence of names and address of the said other persons/ entities furnished and bills and vouchers in support of the purchases made produced for verification, he came to the conclusion that the parties  have not been identified by him and therefore, the purchases cannot be genuine. 

Shanti Prime Publication Pvt. Ltd.

Section 37 of the Income Tax Act, 1961— Business Expenditure— Addition made towards bogus purchases was confirmed as assessee had not furnished the names and addresses of the purchasers and it was the duty of the assessee to produce all bills and vouchers in support of the purchase entries found in the books of account and in the absence of the details,  the AO considered them as bogus purchases — C Shaji vs. Income Tax Officer [2019] 75 ITR (trib) 263 (Cochin)

Professional services available Audit Management
Tax Lok English Viedo
Tax Lok Hindi Viedo
Check Your Tax Knowledge
Youtube
HR Consulting services

FOR FREE CONDUCTED TOUR OF OUR ON-LINE LIBRARIES WITH OUR REPRESENTATIVE-- CLICK HERE

FOR ANY SUPPORT ON GST/INCOME TAX

Do You Want To Take FREE DEMO Of Our GST/Income Tax Library.