While upholding an income tax addition, a division bench of the Delhi High Court has held that mere filing of the VAT Returns will not be sufficient to prove the genuineness of the purchase without conducting an inquiry by the income tax department. A re-assessment notice was issued against the assessee, M/S Mahalaxmi Dye India Pvt. Ltd alleging to have escaped assessment without considering that no accommodation entry was taken by the Petitioner.
Source Taxscan
Latest Posts in "India"
- FM Sitharaman Confirms GST Rate Cut Implementation on September 22, 2025
- Government Reduces GST Across Sectors, Prices to Drop from September 22, Boosting Consumer Demand
- GST Council Proposes Major Tax Reforms: Simplified Rates, Exemptions, and Reductions
- India’s GST Council Recommends Tax Exemptions, Simplified Structure, and Rate Reductions Effective September 22
- Nirmala Sitharaman Explains GST Reforms Using Popcorn Example to Highlight Classification Challenges
