Disallowed Purchases from TTPL Adjusted to Reduce Closing Stock, Neutralizing Profit Impact; No Further Adjustments Needed.

Disallowed Purchases from TTPL Adjusted to Reduce Closing Stock, Neutralizing Profit Impact; No Further Adjustments Needed. https://www.taxtmi.com/highlights?id=29001 Bogus purchases of goods - When the entire purchases made from TTPL was available as stock as at the year end, then the disallowance of purchases should result in corresponding reduction of the closing stock, the result of which would have NIL effect on profit and hence there was no requirement of making any addition - AT en-us Wed, 04 May 2016 09:14:37 +0530 Wed, 04 May 2016 09:14:37 +0530 TaxTMI RSS Generator Disallowed Purchases from TTPL Adjusted to Reduce Closing Stock, Neutralizing Profit Impact; No Further Adjustments Needed. https://www.taxtmi.com/highlights?id=29001 Bogus purchases of goods - When the entire purchases made from TTPL was available as stock as at the year end, then the disallowance of purchases should result in corresponding reduction of the closing stock, the result of which would have NIL effect on profit and hence there was no requirement of making any addition - AT Highlights Income Tax Wed, 04 May 2016 09:14:37 +0530 https://www.taxtmi.com/highlights?id=29001