Answers On Topic: purchases
Assessee is engaged in the business of manufacturing of steel pipes. The books of accounts are duly audited U/Sec. 44AB of the Act. quantitative record of finished goods as well as raw material consumption is maintained . Stock register for production as During the course of assessment proceedings for A.Y. 2020-21, Assessing officer has disallowed the purchases and made the addition to total income on following grounds 1. In respect of purchases of Rs. 1015000.00 from one supplier on the Ground that the assessee has not filed the Return of Income for the relevant year. 2. In respect of purchases…
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Assessee is private limited co, engaged in the business of manufacturing of steel plates and other allied products . Search action U/Sec. 132 was conducted in the year 2021-22 . During the search in respect of certain purchase bills the assessee was not able to provide the details of Toll receipts, and LR receipts along with the E way Bills . The investigating team has drawn the inference that all these bills are non genuine . On the basis of these defects, during the course of reassessment proceedings initiated U/Sec.148A, AO has issued show cause as to why the purchases…
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During the course of assessment proceedings , for verification of Purchases called for information U/Sec. 133(6) from few parties at the flag end of assessment proceedings . Few parties responded and few not. Assessing Officer completed assessment by making addition of all purchases effected from these parties on the following grounds:: a. Parties have not responded therefore those are not genuine. b. Parties who have responded have not provided full information and provided details of their PAN and Financials alongwith account extract of assessee and confirm the amount of purchases . Whether action of Assessing Officer justified when a. He…
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We are not getting a correct citation of decision CCIT v Vijay Maheshwari HUF, a case on issue of 'TURNOVER' for S.44AB of I T Act. Everywhere it is mentioned as 228 ITR 157 SC (Statute). But it is not available. Can ITATONLINE help. Other references are 515/BOM/1991 & ITA /924/1995 decided on 27/03/1996. SLP is dismissed on 13/10/1997 by SC. SLP No. is Civil/20074/1997. We have tried on HC and SC websites also. If possible mail copy of decisions.
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Disallowance of Purchases