907 results for “bogus purchases”+ Section 56(1)clear
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Bench: Shri Prashant Maharishi & Shri K. N. Chary
bogus purchases booked and sale of scrap outside the books by the assessee of unaccounted expenditure, which has been incurred, by the assessee for carrying out all these activities. Therefore, in view of above, we hold that only the profit element embedded therein or unaccounted expenditure not disclosed in the seized documents is required to be added to the income