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Bogus purchase - Deduction u/s 80IB - even if regarded as bogus purchase the same would stand to be disallowed u/s. 37(1) leading to an increase in the assessable profits of the eligible unit - had it not been so the addition of income u/s. 69C i.e. on account of expenditure not explained as to its source the same would not be liable to be regarded as the profit of the eligible unit. - Tri

Income Tax - Bogus purchase - Deduction u/s 80IB - even if regarded as bogus purchase, the same would stand to be disallowed u/s. 37(1), leading to an increase in the assessable profits of the eligibl .....

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