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Assessing Officer Ordered to Reduce Lease Rental Income Due to Bogus Transaction Finding Under Lease Agreement.
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....When the lease itself has been held to be only a paper transaction and a bogus transaction, then income there-from also cannot be accepted. - AO directed to reduce the lease rental income subject to the condition that the assessed income shall not be less than the returned income. - AT....
TaxTMI
TaxTMI