Only Profit Element of Bogus Purchase can be Added to Taxable Income Under Income Tax Act when Assessee Reconciled the Stock: Bombay HC [Read Order]

By Yogitha S. Yogesh - On July 20, 2023 4:30 pm - 2 mins read

Profit Element of Bogus Purchase - Bogus Purchase - Income Tax Act - Bombay High Court - Assessee - Taxable Income Under Income Tax Act - Taxscan

The Bombay High Court has held that only the profit element of a bogus purchase can be added to taxable income under the Income Tax Act, 1961 when the assessee reconciled the stock. The appellant revenue craves leave to amend or alter any ground or add a new ground which may be necessary. It was…

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