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152 results for “bogus purchases”+ Set Off of Lossesclear

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Key Topics

Addition to Income83Section 153A80Section 13246Disallowance42Section 14833Section 143(3)29Section 10(38)28Section 6827Section 153C

M/S. AMIN MANILAL & CO., PVT. LTD.,,MUMBAI vs. THE DY. COMMISSIONER OF INCOME-TAX, BANGALORE

In the result, the appeals of the assessee are dismissed

ITA 1303/BANG/2016[2012-13]Status: DisposedITAT Bangalore15 Dec 2017AY 2012-13

Bench: Shri Sunil Kumar Yadav

For Appellant: Shri Ajit Shah, CAFor Respondent: Shri Vikas Suryawanshi, Addl. CIT(DR)
Section 153CSection 57

bogus business loss and claimed set off of same against income from house property. There is no intention whatsoever to revive its business. Therefore, the expenditure relating to keep corporate entity alive cannot be allowed as there was no intention of assessee to run a business. The ITA Nos.1302 & 1303/Bang/2016 Page 5 of 7 CIT(Appeals) has examined the issue

M/S.MONARCH COMMODITIES PVT. LTD.,,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

In the result, the appeals of the assessee are dismissed

Showing 1–20 of 152 · Page 1 of 8

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21
Section 143(2)18
Deduction15
Reassessment13
ITA 1302/BANG/2016[2012-2013]Status: DisposedITAT Bangalore13 Oct 2016AY 2012-2013

Bench: Shri Sunil Kumar Yadav

For Appellant: Shri Ajit Shah, CAFor Respondent: Shri Vikas Suryawanshi, Addl. CIT(DR)
Section 153CSection 57

bogus business loss and claimed set off of same against income from house property. There is no intention whatsoever to revive its business. Therefore, the expenditure relating to keep corporate entity alive cannot be allowed as there was no intention of assessee to run a business. The ITA Nos.1302 & 1303/Bang/2016 Page 5 of 7 CIT(Appeals) has examined the issue

M/S. HARIS MARINE PRODUCTS,MANGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), BENGALURU, BENGALURU

In the result, the appeal by the assessee is allowed

ITA 383/BANG/2022[2017-18]Status: DisposedITAT Bangalore29 Jul 2022AY 2017-18

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Smt. Susan Dolores George, CIT(OSD)
Section 143Section 153DSection 263

purchases was worked out at Rs.2,25,57,180/- for AY 2017-18. In the assessment order an amount of Rs.86,47,146/- is brought to tax as bogus expenses. There is no enquiry or verification done by the AO during assessment proceedings on this issue. During the course of current proceedings, the assessee has submitted details in this regard

O3 CAPITAL GLOBAL ADVISORY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(1)(2), BANGALORE

In the result, the appeal filed by the assessee is dismissed

ITA 931/BANG/2018[2013-14]Status: DisposedITAT Bangalore08 Jun 2022AY 2013-14

Bench: Shri Chandra Poojari & Shri George George K.Assessment Year: 2013-14

For Appellant: Shri G.S. Prashanth, A.RFor Respondent: Smt. Priyadarshini Basaganni, D.R

purchase of shares as genuine, the sale of shares from astronomically low price which is far from reality in the market itself shows that transaction was bogus, sham and ingenuine one. Even steep decline in the price of the share within a period of 7 days itself prove that it was merely a bogus transaction for claiming bogus short term

DCIT, GULBARGA vs. M/S JUPITERBIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

ITA 628/BANG/2009[2004-05]Status: DisposedITAT Bangalore06 Jan 2022AY 2004-05

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sumeer Kumar Singh, CIT(DR)(ITAT), Bengaluru
Section 271(1)Section 35(1)(iv)Section 35(2)

loss account furnished by the company in schedule-E, manufacturing, administrative and selling expenses. The company has claimed expenditure for carriage inwards of Rs.9,68,0571-. These expenses are claimed for the entire year for goods purchased including supply of materials for production of drugs. As seen from the ledger extract of the inward expenses, it is seen that transport

DCIT, GULBARGA vs. M/S JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

ITA 950/BANG/2009[2005-06]Status: DisposedITAT Bangalore05 Jan 2022AY 2005-06

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sumeer Kumar Singh, CIT(DR)(ITAT), Bengaluru
Section 271(1)Section 35(1)(iv)Section 35(2)

loss account furnished by the company in schedule-E, manufacturing, administrative and selling expenses. The company has claimed expenditure for carriage inwards of Rs.9,68,0571-. These expenses are claimed for the entire year for goods purchased including supply of materials for production of drugs. As seen from the ledger extract of the inward expenses, it is seen that transport

DCIT, GULBARGA vs. M/S JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

ITA 990/BANG/2008[2002-03]Status: DisposedITAT Bangalore05 Jan 2022AY 2002-03

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sumeer Kumar Singh, CIT(DR)(ITAT), Bengaluru
Section 271(1)Section 35(1)(iv)Section 35(2)

loss account furnished by the company in schedule-E, manufacturing, administrative and selling expenses. The company has claimed expenditure for carriage inwards of Rs.9,68,0571-. These expenses are claimed for the entire year for goods purchased including supply of materials for production of drugs. As seen from the ledger extract of the inward expenses, it is seen that transport

DCIT, GULBARGA vs. M/S JUPITERBIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

ITA 627/BANG/2009[2003-04]Status: DisposedITAT Bangalore05 Jan 2022AY 2003-04

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sumeer Kumar Singh, CIT(DR)(ITAT), Bengaluru
Section 271(1)Section 35(1)(iv)Section 35(2)

loss account furnished by the company in schedule-E, manufacturing, administrative and selling expenses. The company has claimed expenditure for carriage inwards of Rs.9,68,0571-. These expenses are claimed for the entire year for goods purchased including supply of materials for production of drugs. As seen from the ledger extract of the inward expenses, it is seen that transport

DCIT, GULBARGA vs. M/S JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

ITA 951/BANG/2009[2006-07]Status: DisposedITAT Bangalore05 Jan 2022AY 2006-07

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sumeer Kumar Singh, CIT(DR)(ITAT), Bengaluru
Section 271(1)Section 35(1)(iv)Section 35(2)

loss account furnished by the company in schedule-E, manufacturing, administrative and selling expenses. The company has claimed expenditure for carriage inwards of Rs.9,68,0571-. These expenses are claimed for the entire year for goods purchased including supply of materials for production of drugs. As seen from the ledger extract of the inward expenses, it is seen that transport

ACIT, GULBARGA vs. M/S. JUPITER BIOSCIENCE LTD.,, BIDAR

In the result, appeal by the revenue is partly allowed

ITA 1232/BANG/2005[2002-03]Status: DisposedITAT Bangalore05 Jan 2022AY 2002-03

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sumeer Kumar Singh, CIT(DR)(ITAT), Bengaluru
Section 271(1)Section 35(1)(iv)Section 35(2)

loss account furnished by the company in schedule-E, manufacturing, administrative and selling expenses. The company has claimed expenditure for carriage inwards of Rs.9,68,0571-. These expenses are claimed for the entire year for goods purchased including supply of materials for production of drugs. As seen from the ledger extract of the inward expenses, it is seen that transport

EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

ITA 1608/BANG/2014[2006-07]Status: DisposedITAT Bangalore29 Nov 2018AY 2006-07

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri K.V. Arvind, Standing Counsel
Section 143(3)Section 147Section 271

bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added to the income returned by the assessee for the year. 14. On account of the facts and circumstances as above

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

ITA 1569/BANG/2014[2006-07]Status: DisposedITAT Bangalore29 Nov 2018AY 2006-07

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri K.V. Arvind, Standing Counsel
Section 143(3)Section 147Section 271

bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added to the income returned by the assessee for the year. 14. On account of the facts and circumstances as above

EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

ITA 1607/BANG/2014[2006-07]Status: DisposedITAT Bangalore29 Nov 2018AY 2006-07

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri K.V. Arvind, Standing Counsel
Section 143(3)Section 147Section 271

bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added to the income returned by the assessee for the year. 14. On account of the facts and circumstances as above

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

ITA 1600/BANG/2014[2006-07]Status: DisposedITAT Bangalore29 Nov 2018AY 2006-07

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri K.V. Arvind, Standing Counsel
Section 143(3)Section 147Section 271

bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added to the income returned by the assessee for the year. 14. On account of the facts and circumstances as above

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(3), BANGALORE vs. M/S BIOWORTH INDIA PRIVATE LIMITED , KOLKATA

In the result, the appeal filed by the revenue is dismissed

ITA 679/BANG/2019[2010-11]Status: DisposedITAT Bangalore12 Oct 2022AY 2010-11

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2010-11

For Appellant: Shri Akkal Dudhewala, C.A by RevenueFor Respondent: Shri K Sankar Ganesh, JCIT (DR) by
Section 133(6)Section 37

purchasing and selling of shares of group companies and the assessee had sufficient income to which by stating of loss he can avoid paying income-tax and to overcome such situation, the assessee has resorted to such transaction and has taken bogus losses in its books. The explanation offered by the assessee was nothing but a cooked story to avoid

M/S. DREAM LOGISTICS COMPANY LIMITED ,YALLAPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1) , BANGALORE

In the result, appeal of the assessee is allowed

ITA 526/BANG/2024[2011-12]Status: DisposedITAT Bangalore13 Sept 2024AY 2011-12

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Assessment Year: 2011-12

For Appellant: Sri V. Srinivasan, A.RFor Respondent: Sri Vilas V Shinde, D.R
Section 143(3)Section 144ASection 147Section 148Section 234ASection 41(1)

loss or expenditure was incurred by the first-mentioned person or some benefit in respect of the trading liability referred to in clause (a) by way of remission or cessation thereof, the amount obtained by the successor in business or the value of benefit accruing to the successor in business shall be deemed to be profits and gains

TE CONNECTIVITY INDIA PRIVATE LIMITED,BANGALORE vs. THE OFFICE OF THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 7(1)(1), BANGALORE

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 2346/BANG/2024[2021-22]Status: DisposedITAT Bangalore10 Oct 2025AY 2021-22

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Darpan Kriplani, CAFor Respondent: Dr. KJ Dhivya, CIT (DR)

loss screen has, therefore, been misapplied. On FAR, Srinar is a contract-style electronics manufacturer (PCBs/electronic assemblies), with revenues from sale of goods and no evidence of IP-heavy services. The financials are audited and allow a reliable OP/OC. We therefore direct inclusion; any residual comparability issues can be addressed through standard working- capital/capacity adjustments. Hence, we direct

INSTAKART SERVICES PRIVATE LIMITED,BANGALORE vs. ACIT, SPECIAL RANGE-3, BANGALORE

In the result appeal of the Revenue is hereby dismissed

ITA 544/BANG/2025[2017-18]Status: DisposedITAT Bangalore18 Dec 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Ajay Vohra, Sr. Advocate and Ms. AnkitaFor Respondent: Shri Shivanad Kalakeri, CIT

set aside the finding of the learned CIT(A) and direct the assessee to delete the disallowances made by him. Hence, the ground of appeal of the assessee is hereby allowed. 13. In the result, the appeal of the assessee is allowed. Coming to ITA No. 544/Bang/2025, assessee’s appeal for A.Y. 2017-18 14. The only effective issue raised

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), BANGALORE, BANGALORE vs. AMRUTHA CONSTRUCTIONS PRIVATE LIMITED, BANGALORE

In the result appeal of the Revenue is partly allowed

ITA 1190/BANG/2024[2020-21]Status: DisposedITAT Bangalore02 Jun 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Respondent: Shri Mahesh Kumar L, Advocate
Section 132Section 132(4)

set of 4 paper books running into various pages and submitted that the disallowance upheld by the learned CIT(A) is arbitrary and lacks independent reasoning, as it merely reiterates the assessment order without addressing the detailed submissions made by the appellant. The learned CIT(A) concluded that cash withdrawals were booked as bogus labour expenses without specifying how such

AMRUTHA CONSTRUCTIONS PRIVATE LIMITED,SANJAYANAGAR vs. DCIT CENTRAL CIRCLE 2(2) , BANGALORE

In the result appeal of the Revenue is partly allowed

ITA 978/BANG/2024[2020-21]Status: DisposedITAT Bangalore02 Jun 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Mahesh Kumar L, AdvocateFor Respondent: Smt. Nandini Das, CIT (DR)
Section 132Section 132(4)

set of 4 paper books running into various pages and submitted that the disallowance upheld by the learned CIT(A) is arbitrary and lacks independent reasoning, as it merely reiterates the assessment order without addressing the detailed submissions made by the appellant. The learned CIT(A) concluded that cash withdrawals were booked as bogus labour expenses without specifying how such