Court Upholds 12.5% Tax on Unverifiable Purchases; Only Income Component Taxed by Authorities.

Court Upholds 12.5% Tax on Unverifiable Purchases; Only Income Component Taxed by Authorities. https://www.taxtmi.com/highlights?id=52841 Disallowance of bogus purchases - Addition @ 12.5% of the aggregate of disputed purchases - Even the entire transaction are not verifiable the lower authorities are entitled to tax the income component of transaction only - AO has made a reasonable disallowance, which does not require any interference - AT en-us Wed, 08 Apr 2020 17:57:05 +0530 Wed, 08 Apr 2020 17:57:05 +0530 TaxTMI RSS Generator Court Upholds 12.5% Tax on Unverifiable Purchases; Only Income Component Taxed by Authorities. https://www.taxtmi.com/highlights?id=52841 Disallowance of bogus purchases - Addition @ 12.5% of the aggregate of disputed purchases - Even the entire transaction are not verifiable the lower authorities are entitled to tax the income component of transaction only - AO has made a reasonable disallowance, which does not require any interference - AT Highlights Income Tax Wed, 08 Apr 2020 17:57:05 +0530 https://www.taxtmi.com/highlights?id=52841