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3 results for “bogus purchases”+ Section 1clear

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Key Topics

Section 14810Section 143(3)2Section 143(1)2Section 69C2Reassessment2Reopening of Assessment2

COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. M/S. ROLAND EDUCATIONAL AND CHARITABLE TRUST

ITA/25/2022HC Orissa09 Feb 2023

Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE MURAHARI SRI RAMAN

Section 143(1)Section 143(3)Section 148

1. To plough back unaccounted black money for the purpose of business or for personal needs such as purchase of assets etc., in the form of gifts, share application money, loans, etc. 2. To inflate expense in the trading and profit and loss account so as to reduce the real profits and thereby pay less taxes. It has been revealed

PRINCIPAL COMMISSIONER OF INCOME TAX 1 vs. PARBATI MOHAPATRA

ITA/19/2022HC Orissa08 Feb 2023

Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE MURAHARI SRI RAMAN

Section 143(1)
Section 143(3)
Section 148

1. To plough back unaccounted black money for the purpose of business or for personal needs such as purchase of assets etc., in the form of gifts, share application money, loans, etc. 2. To inflate expense in the trading and profit and loss account so as to reduce the real profits and thereby pay less taxes. It has been revealed

PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) vs. INDRANI PATNAIK

ITA/55/2022HC Orissa18 Dec 2024

Bench: MR. JUSTICE ARINDAM SINHA,MR. JUSTICE M.S.SAHOO

Section 69C

1. Present appeal has been filed challenging the order dated 26 : th 2. Learned counsel for the Appellant states that ITAT has erred in upholding the decision passed by CIT(A), whereby it has deleted the addition made by the Assessing Officer amounting to Rs.7,17,95,500/- as ‘unexplained expenditure’ in complete disregard of the system of accounting