CIT(A) is not justified in enhancing the assessment by disallowing 100% of the bogus purchases, Only addition could be of profit element therein
Tax Precaution: Transaction by which an undertaking is transferred against allotment of shares is an”exchange” and not a “sale
If the company is controlled by an infamous accommodation entry provider, it is incumbent on the part of the authorities to carry out in-depth verification
Interesting case: HC sets aside National Anti Profiteering Authority (NAPA’s) order where all the members who had signed the order were not present for hearing
Landmark Judgment on validity of addition under section 68 on the ground that in response to summons under section 131 shareholder companies had not appeared for personal deposition.
Capital Gains & Computation of holding period, i.e., ‘date of allotment’ or “date of possession” – An Interesting Issue
No matter what, Purchases cannot be treated as Bogus if they are duly supported by bills and other evidences
Landmark Judgement by Supreme Court of the Country : No addition can be sustained if it is done purely on the basis if information received from Investigation Wing without giving an opportunity of cross examination to the Assessee
No Penalty for assessee’s failure to upload audit report electronically in Form No. 3CEB as the report was promptly made available in the assessment proceedings itself
