Bogus purchases - assessee has already offered GP of 26% - no ...

Income Tax

March 28, 2020

Bogus purchases - assessee has already offered GP of 26% - no more addition is warranted because when this IDS tax also is added to the GP of the assessee, then it will come to 30% GP. Therefore, no separate addition on the undisclosed amount of profit is warranted since it is not the case that AO/Ld. CIT(A) could unearth any hidden profit which was discovered as investments/cash/bullion etc.

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Bogus purchases - assessee has already offered GP of 26% - no ...

Income Tax

March 28, 2020

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