Tax Authorities Reject Claim of Reinvested Income for Unaccounted Purchases; Discrepancies Found in Financial Reporting.

Unaccounted purchases - unaccounted income of the assessee - it is difficult to accept the arguments of the assessee that income earned out of unaccounted sales is plugged back into the business and which is source for unaccounted purchases, because, unaccounted purchases noticed by the Department is more than the amount of additional income offered by the assessee. - AT .....

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