Non-existent firm transactions recorded as bogus; Section 145 of Income Tax Act not applicable for fraudulent entries.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Purchases from non-existent firms – bogus transactions in the books of accounts – Section 145 have no application to such a situation as the provision deals with cases where AO is not satisfied about 'correctness' and 'completeness' of the accounts of the assessee and not fraudulent or fabricated entry - HC....