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Income Tax - Highlights / Catch Notes

Home Highlights April 2024 Year 2024 This

Estimation of income - bogus purchases - The Tribunal recognized ...

Income Tax

April 25, 2024

Estimation of income - bogus purchases - The Tribunal recognized the appellant's unique case, where only alleged bogus purchases of diamonds were evident. Referring to past assessments, the Tribunal deemed it reasonable to restrict the addition to 3% of the alleged bogus purchases, in line with previous decisions.

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