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2 results for “bogus purchases”+ Section 143(3)clear

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Key Topics

Section 1486Section 1472Section 142(1)2Addition to Income2

The Commissioner of Income Tax-IV vs. M/s. Meghadoot Drillers,

ITTA/473/2011HC Telangana31 Jan 2012
Section 133ASection 139Section 145(3)Section 147

purchases from the alleged three parties on theoretical platform ignoring the fact that the books of accounts of the assessee were rejected u/s 145(3) and the assessee has accepted the discrepencies during the survey operation u/s. 133A and has surrendered a sum of Rs. 57,00,000/- in assessment year 2004-05 and Rs. 20,00,000/- in assessment

Commissioner of Income Tax, vs. Agricultural Market Committee

ITTA/413/2011HC Telangana17 Nov 2011

Bench: V.V.S.RAO,SANJAY KUMAR

- Suresh Kumar Sheetlani
For Appellant:
For Respondent: - Income Tax Officer-1 (3)
Section 133Section 133(6)Section 142(1)Section 143(3)Section 147Section 148Section 260Section 282

purchase and sale of shares of certain companies and gifts from certain persons, which in fact never took place. The assessee was alleged to be one of the beneficiaries, figuring in 3 the list supplied by the Investigation Wing, Agra. Since the transactions of share trading were found to be bogus and, therefore, entire amount claimed to have been received