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3 results for “bogus purchases”+ Unexplained Cash Creditclear

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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

Unexplained credits as per discussions  226000/­  261200/­ Total taxable Income Tax          348700/­ Assessment was made. Necessary forms were issued. Notice be issued separately for imposition of penalty under Section 272(1)(c).” 3. Aggrieved, the appellant/assessee preferred an appeal before the Commissioner of Income Tax (Appeals), Jodhpur (for short, ‘CIT(A)’).     The   appeal   was   partly   allowed   vide   order   dated

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

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

unexplained credit entries /share capital, we have examined the following judgments : 19 i. In Sumati Dayal v. CIT8 this Court held that : “if the explanation offered by the assessee about the nature and source thereof is, in the opinion of the Assessing Officer, not satisfactory, there is prima facie evidence against the assessee, vis., the receipt of money