Court Rules Profit from Unaccounted Purchases Taxable u/s 69C of Income Tax Act; Limits Tax to 10% Profit Element.

Court Rules Profit from Unaccounted Purchases Taxable u/s 69C of Income Tax Act; Limits Tax to 10% Profit Element. https://www.taxtmi.com/highlights?id=61777 Unexplained expenditure u/s. 69C - the profit element embedded in unaccounted purchases would have to be brought to tax. Considering the facts of the case as well as the nature of assessee's business, we estimate the profit element in unaccounted purchases @10% - The balance addition stand deleted - AT en-us Thu, 03 Feb 2022 08:42:40 +0530 Thu, 03 Feb 2022 08:42:40 +0530 TaxTMI RSS Generator Court Rules Profit from Unaccounted Purchases Taxable u/s 69C of Income Tax Act; Limits Tax to 10% Profit Element. https://www.taxtmi.com/highlights?id=61777 Unexplained expenditure u/s. 69C - the profit element embedded in unaccounted purchases would have to be brought to tax. Considering the facts of the case as well as the nature of assessee's business, we estimate the profit element in unaccounted purchases @10% - The balance addition stand deleted - AT Highlights Income Tax Thu, 03 Feb 2022 08:42:40 +0530 https://www.taxtmi.com/highlights?id=61777