{"id":32077,"date":"2023-01-29T16:57:38","date_gmt":"2023-01-29T11:27:38","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=32077"},"modified":"2023-01-29T16:57:38","modified_gmt":"2023-01-29T11:27:38","slug":"bogus-purchase-and-bogus-creditor","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/bogus-purchase-and-bogus-creditor\/","title":{"rendered":"Bogus Purchase and Bogus Creditor"},"content":{"rendered":"<ul>\n<li>Assessment on Assessee made u\/s 143(3) for the Asst Year 2021-22.<\/li>\n<li>Taxable amount of purchase of Rs.10 crores from a Supplier disallowed u\/s 37 as the said Suplier has denied the sale transactions \u00a0with assessee.Supplier has also intimated that he is only a Watchman in a Residential Colony.Supplier has not been cross examined by the Assessee.<\/li>\n<\/ul>\n<ul>\n<li>GST amount of RS.60.00 Lakhs claimed as ITC\u00a0 on above purchases\u00a0 added as unexplained investment.<\/li>\n<li>Amount of Rs. 4 crore standing outstanding in the account of above supplier \u00a0as on 31-03-2021 was also added as unexplained credit.The said amount was paid to the Supplier through Banking Channels in the subsequent year.<\/li>\n<li>All the payments to above supplier were made through Banking Channels.Assesse is having full record of above purchases such as Bills,Transport Receipts,Stock Tally,GSTR-2A,TDS deducted u\/s 194-Q etc.All these documents and facts submitted before A.O.<\/li>\n<li>Sales have not been disputed by the A.O.<\/li>\n<li>Observation of A.O about Stock Tally submitted before him is that the same was not submitted in Tax Audit Report .Hence same can not be relied upon. Also the same is not signed by a C.A.<\/li>\n<\/ul>\n<p><strong>KINDLY ADVISE for Appeal Before CIT(A).<br \/>\n<\/strong><\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[22],"qa_category":[23],"qa_tag":[543,800],"class_list":["post-32077","qa","type-qa","status-publish","hentry","qa_expert-advocate-neelam-jadhav","qa_category-income-tax","qa_tag-bogus-purchases","qa_tag-creditors"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/32077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32077"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32077"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=32077"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=32077"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=32077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}