Inflation in expenses or bogus/inflated purchases - Since, the ...
Income Tax
March 8, 2022
Inflation in expenses or bogus/inflated purchases - Since, the printouts of the hard disc clearly mentioned that "forecast" and since, the Assessing Officer in the two preceding assessment years has accepted the reply of the assessee and no addition has been made in the order passed under section 143(3) of the Act, therefore, following the rule of consistency, no addition can be made for the impugned assessment year, especially when no other corroborative evidence such as bogus purchases bills/bogus expenses or unexplained investment, etc., were found during the course of search. - AT
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