Only profit element embedded in bogus purchases made from hawala dealers to be treated as income of assessee

INCOME TAX : Where information was received by Assessing Officer to effect that eight parties from whom purchases were allegedly made by assessee engaged in job work of dying of fabrics were alleged hawala dealers who had issued bogus bills and he treated aforesaid amount as bogus purchases, since without purchase of materials,INCOME TAX : Where information was received by Assessing Officer to effect that eight parties from whom purchases were allegedly made by assessee engaged in job work of dying of fabrics were alleged hawala dealers who had issued bogus bills and he treated aforesaid amount as bogus purchases, since without purchase of materials,www.taxmann.com Latest Case LawsRead More

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