Taxpayer Admits to Income from 'Bogus Bills'; Further Addition on Already Taxed Funds Deemed Unjustified.

Unexplained investment - Subsequent to the search proceedings the assessee surrendered income towards ‘bogus bills’ booked during various years - when investment made by the assessee was sourced from the cash that was received back by the assessee against the payments made towards ‘bogus purchases’ which is already offer to tax then a separate addition as regards the application of the said amount would not be justified .....

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