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6 results for “bogus purchases”+ Section 250(6)clear

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Key Topics

Section 1486Section 142(1)2Addition to Income2

Commissioner of Income Tax, vs. Agricultural Market Committee

ITTA/413/2011HC Telangana17 Nov 2011

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

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

bogus and unexplained income of the assessee from undisclosed sources vide assessment order dated 5th December, 2006 under Sections 144 and 147 of the Act. 7. Aggrieved by the said order, the assessee had filed an appeal before the first appellate authority. The first appellant authority vide order dated 9th September, 2009 cancelled the said assessment order, declaring the same

The Commissioner of Income Tax-III, vs. M/S V.J.Equipment Limited,

ITTA/305/2008HC Telangana02 Feb 2012

Bench: Charging The Interest U/S 234B & 234C Of The It Act?” 3. The Brief Facts Of The Case Are That The Assessee Firm Is Engaged In The Business Of Precious & Semi Precious Stones & It Is A 100% Exporter. During The

Section 145(3)Section 234BSection 69C

bogus purchases and contended that the judgment of Vijay Proteins Ltd. Vs. Commissioner of Income Tax, Special Leave to Appeal (C) No.8956/2015 decided on 06.04.2015 whereby the Supreme Court has dismissed the SLP and confirmed the order dated 09.12.2014 passed by the Gujarat High Court and other decisions of the High Court of Gujarat in the case of -3- Sanjay

The Commissioner of Income Tax-II, vs. M/S Gulf Oil Corporation Pvt. Ltd.,

ITTA/195/2008HC Telangana23 Mar 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

6 of 41 C/TAXAP/194/2008 JUDGMENT 12. Once purchases and subsequent sales are beyond  doubt,   there   is   no   way   one   can   wish   away  transactions   involved   to   be   not   genuine,   the  element   of   profit   or   loss   notwithstanding.   I  therefore,   hold   that   these   purchases   and   sales  have   genuinely   taken   place   and   the   short   term  capital loss claimed by the assessee is genuine

Commissioner of Income Tax-II vs. M/s.Jayalakshmi Chits

ITTA/211/2008HC Telangana23 Mar 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

6 of 41 C/TAXAP/194/2008 JUDGMENT 12. Once purchases and subsequent sales are beyond  doubt,   there   is   no   way   one   can   wish   away  transactions   involved   to   be   not   genuine,   the  element   of   profit   or   loss   notwithstanding.   I  therefore,   hold   that   these   purchases   and   sales  have   genuinely   taken   place   and   the   short   term  capital loss claimed by the assessee is genuine

The Commissioner of Income Tax - VI vs. M/s. Manikanta Iron AND Hardware

ITTA/196/2008HC Telangana02 Mar 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

6 of 41 C/TAXAP/194/2008 JUDGMENT 12. Once purchases and subsequent sales are beyond  doubt,   there   is   no   way   one   can   wish   away  transactions   involved   to   be   not   genuine,   the  element   of   profit   or   loss   notwithstanding.   I  therefore,   hold   that   these   purchases   and   sales  have   genuinely   taken   place   and   the   short   term  capital loss claimed by the assessee is genuine

Commissioner of Income tax-VI vs. M/s. Narpat Girji Constructions,

The appeal is allowed

ITTA/19/2015HC Telangana25 Mar 2015
Section 449Section 456Section 456(1)Section 456(2)Section 483

purchase the same. The said application has been dismissed by this Court on 30th September 2008. Being aggrieved by the same, OSA 27/2008 was filed by the applicant-society and the same was also dismissed by the Division Bench of this Court on 28th January 2009 observing as under: “Therefore, we do not find any reason to interfere