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3 results for “bogus purchases”+ Section 254(1)clear

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Key Topics

Section 685Section 271(1)(c)4Section 260A2Section 1482Penalty2

BASIR AHMED SISODIA vs. THE INCOME TAX OFFICER

Appeal is allowed

C.A. No.-006110-006110 - 2009Supreme Court24 Apr 2020

Bench: HON'BLE MR. JUSTICE A.M. KHANWILKAR

Section 143(2)Section 24(1)Section 260ASection 272(1)(c)Section 68

254 or section 260 or section 262 or section 263 or section 264, the amount on which additional income­tax is payable under clause (a) has been increased or reduced, as the case may be, the additional income­tax shall be increased or reduced accordingly, and,­ (i) in   a   case   where   the   additional   income­tax   is increased, the Assessing Officer shall serve

M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

C.A. No.-007115-007115 - 2005
Supreme Court
06 Feb 2007
For Respondent: Commissioner of Income Tax, Delhi-I
Section 260ASection 271(1)(c)Section 68

purchase and lease of cinematographic films held to be bogus Rs. 57,51,520.00 (ii) Reduction of claim of depreciation in respect of leasing vehicles from 40% to 20%. Rs. 10,28,462.00 (iii) Unexplained share application money added back as unexplained cash credits under Section 68 Rs. 19,16,000.00 (iv) Lease rentals of cinematographic films held

PRINCIPAL COMMISSIONER OF INCOME TAX(CENTRAL) 1 vs. NRA IRON AND STEEL PVT. LTD. THROUGH DIRECTOR

C.A. No.-002463-002463 - 2019Supreme Court05 Mar 2019

Bench: HON'BLE THE CHIEF JUSTICE

Section 148Section 68

1 (SC) 4 [1977] 107 ITR (SC) 17 The Delhi High Court in CIT v. Oasis Hospitalities Pvt. Ltd.5, held that : “The initial onus is upon the assessee to establish three things necessary to obviate the mischief of Section 68. Those are: (i) identity of the investors; (ii) their creditworthiness/investments; and (iii) genuineness of the transaction. Only when these three