Tax Authorities Confirm Profit Additions on Grey Market Purchases; VAT Claims Deemed Bogus by CIT(A.

Purchase of material in the grey market - the addition, which could be made, was to account for profit element embedded in these purchase transactions to factorize for profit earned by assessee against possible purchase of material in the grey market and undue benefit of VAT against such bogus purchases - Additions by the CIT(A) confirmed. .....

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