471 results for “bogus purchases”+ Carry Forward of Lossesclear
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Bench: Shri Prashant Maharishi & Shri K. N. Chary
loss account. If the assessee carries the same in closing stock, for that year it becomes profit neutral, as the closing stock is once again inflated by the bogus purchases debited in the earlier year. Similar is the situation placed before us, as the excess stock held by the assessee in its books of account is almost similar