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Bench: SHRI MANOMOHAN DAS, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)
Section 263 of the Act by which the entire expenses were to be disallowed as bogus purchases. The decision of the Hon’ble Allahabad High Court in the case of Assistant Commissioner of Income Tax vs Shanti Swarup Jain [55 taxmann.com 378 (All)] also takes a similar view. In the case of Shoreline Hotel (P) Ltd. vs Commissioner of Income