2 results for “bogus purchases”+ Section 26(1)(iii)clear
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iii) Cash & Bank Balances Rs.597,036.00 iv) Loans & Advances Rs.5,620,000.00 Total Rs.170,211,036.00 We further observed that the assessee as per share application form had applied for 10,000 shares at a Rs.100/- i.e. for Rs.10,00,000/- and nil return of income has been filed and the assessee has not submitted any trading profit and loss