Bogus purchase - Deduction u/s 80IB - even if regarded as bogus ...

Court Rules Bogus Purchase Increases Assessable Profits u/s 37(1) Despite Section 80IB Deduction Claim.

June 13, 2016

Case Laws Income Tax AT

Bogus purchase - Deduction u/s 80IB - even if regarded as bogus purchase, the same would stand to be disallowed u/s. 37(1), leading to an increase in the assessable profits of the eligible unit - had it not been so, the addition of income u/s. 69C, i.e., on account of expenditure not explained as to its source, the same would not be liable to be regarded as the profit of the eligible unit. - AT

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Bogus purchase - Deduction u/s 80IB - even if regarded as bogus ...

Court Rules Bogus Purchase Increases Assessable Profits u/s 37(1) Despite Section 80IB Deduction Claim.

June 13, 2016

Case Laws Income Tax AT

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