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4 results for “bogus purchases”+ Section 43(5)clear

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Key Topics

Section 271(1)(c)4Section 684Section 260A3Section 803Addition to Income3Section 143(2)2Depreciation2Penalty2Deduction2

COMMISSIONER OF INCOME TAX vs. M/S JINDAL STEEL THROUGH ITS MANAGING DIRECTOR

Appeals are hereby dismissed

C.A. No.-013771-013771 - 2015Supreme Court06 Dec 2023

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

Section 260ASection 80

purchased twenty five MV turbines on and around 08.07.1998 for the purpose of its eligible business. Assessee claimed depreciation on the said turbines at the rate of 25% on WDV basis. On perusal of the materials on record, assessing officer held that in view of the change in the law with regard to allowance of depreciation on the assets

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

43 IST Reason: Signature Not Verified 2 order was passed on 30.11.2000.   This appeal involves limited challenge to certain addition made under the heads ­ “Trading Account” and “Credits” in the assessment order.   The Officer, inter alia, while relying on the Balance Sheet and the books of account,   took   note   of   the   credits   amounting   to   Rs.2,26,000/­ (Rupees two lakhs

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

C.A. No.-007115-007115 - 2005Supreme Court06 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

NEW DELHI TELEVISION LTD vs. DEPUTY COMMISSIONER OF INCOME TAX

C.A. No.-001008-001008 - 2020Supreme Court03 Apr 2020

Bench: HON'BLE MR. JUSTICE L. NAGESWARA RAO

Section 142(1)Section 143Section 143(2)Section 148

purchase and sale. It is true, as the High Court has observed, that this information could have been acquired by the Income Tax Officer if he had exercised due diligence at the time of the original assessment itself. It does not appear, however,   that   the   attention   of   the   Income   Tax   Officer   was directed by anything before him to the fact