Sharma for A.Y. 2004-
05
ii) Additions for unexplained expenses/bogus purchase
from M/s. Prateek Enterprises & M/s. Saluja Enterprises ... take up the common issue relating to addition for alleged
bogus purchase from M/s. Prateek Enterprises and M/s. Saluja
Enterprises for which addition
been disturbed by the AO,
treating the same as bogus, therefore, the entire bogus purchase could not have
been added to the total income ... treats the purchase as bogus, then, the sales also is bogus and since such bogus
purchase has been sold at a price higher than cost
erred in restricting the disallowance of 15% of the
total of bogus purchase transaction instead of 100% of the total amount
of bogus purchase made ... Mumbai and Sales
Tex Department, Maharashtra with regard to bogus purchase made by
the assessee from dealers without supply of actual goods
provided
by the assessee to prove the genuineness of the alleged
bogus purchase transactions.
3
ITA Nos. 3763 & 3764/M/2019 ... conveyed that the assessee has taken the accommodation entries of
bogus purchase from the concerns of Rajendra Jain Group. Notice
which it was conveyed that the
assessee has taken the bogus purchase entry from the following nine parties
read as under.:-
S. Name ... extent of 49,72,735/- i.e. 100% of the bogus purchase and the total income
of the assessee was assessed to the tune
erred in restricting the amount of bogus
purchase from Rs.1,50,85,096/- to Rs. 36,15,697/- without
ITA No. 6392/Mum/2018 ... which it was conveyed that the assessee has taken the bogus purchase
entry from the Richa Steel
Saga r Ent erp ri ses
4 The fact of bogus purchase came to The alleged bogus purchases were added on the basis ... such purchases. While deciding the profit element embedded in the bogus
purchase cases, Gujarat High Court adopted the profit @ 12.5% by taking the benefit
derived
Ludhiana, it has
been found that the assessee company had taken bogus purchase bills from the
concerns owned by Sh. Madan Lal Pahuja ... Income-tax Act, 1961 - Business expenditure - Allowability
of (Bogus purchase) - Certain portion of purchases made by assessee was
disallowed - Commissioner (Appeals) found that entire disallowance
attached to their
purchase Invoices whereas the purchase invoices of these five parties
are without delivery challans-simply because they are bogus, as they ... purchase from above parties are genuine in
nature which are supported by necessary evidences including
purchase bills. The assessee has made payments against said
purchase
Adding the sum of Rs.4,71,68,757/- from bogus purchase
transaction as the some amount was utilized by the assessee in
payment ... farmers and cash expense. Also the amount of bogus
purchase transaction were debited as a development expense and
included in WIP. The learned assessing officer
