Penalty Imposed u/s 271(1)(c) for Unexplained Creditors and Bogus Purchases in Income Tax Case.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Levy of penalty u/s 271(1)(c) - addition of unexplained sundry creditor - bogus purchases - the nonpayment of purchase consideration is a strong circumstance regarding non-genuineness of transactions and stands on its own de hors any other evidence. - AT....