Bogus purchase treatment for it act gst dealer
This query is : Resolved
26 November 2024
Sir,
Gst and it registered dealer bogus purchase some amount found by gst officer (evedience payment through on bank channel and e-waybill documents not supported)
Question:
Assessess Bogus purchase transaction treatment in it act.
Gst and it registered dealer bogus purchase some amount found by gst officer (evedience payment through on bank channel and e-waybill documents not supported)
Question:
Assessess Bogus purchase transaction treatment in it act.
26 November 2024
Under Section 271(1)(c) of the IT Act, if the tax authorities find that a taxpayer has concealed income or provided inaccurate information in their return (e.g., through false purchases), they can levy a penalty.
The penalty could be 100% to 300% of the tax evaded, depending on the nature of the offense.
The penalty could be 100% to 300% of the tax evaded, depending on the nature of the offense.
26 November 2024
As per the data provided, if the discrepancy is only about e-way bill, while the payment is made through bank against valid invoice against received goods, it cannot be termed as bogus purchase under IT act. As such no penalty can be levied under the section.
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