Court Rules Bogus Purchases Must Be Deducted from Genuine Sales to Accurately Calculate Taxable Profit; 12.50% Tax Rate Upheld.

Bogus purchases - sales has been accepted then the corresponding purchases is required to be deducted for the purpose of arriving at profit - under the Income tax Act, the profit earned from the business transactions is alone taxable - CIT(A) to tax only 12.50% of purchases is upheld .....

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