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2 results for “bogus purchases”+ Unexplained Moneyclear

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Key Topics

Section 271(1)(c)4Section 682Section 1482

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

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 148
Section 68

purchased. The Company had not enclosed their Bank Statement showing the source of fund for share application money. (50,00,000/- Ch. No. 069123 dt. 17.11.2008 & Rs. 40,00,000/- Ch. No. 069124 dt. 17.11.2008 drawn on Deutsche bank. The Company had shown income of Rs. 10,730/- for A.Y. 2009-10 Rs. 90,00,000 invested on 17.11.2008 Return