Thursday, July 19, 2018

High Court restricts disallowance of bogus cash expenditure to profit element embedded in it

IT : Where assessee inflated purchase expenditure by raising bogus claim of cash purchases exceeding Rs. 20,000, profit element embedded therein should be brought to tax; entire amount was not to be disallowed under section 40A(3)

from www.taxmann.com Latest Case Laws https://ift.tt/2JB8loR
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