Cash Purchases Under Scrutiny: Section 40A(3) Examines Legitimacy of Bogus Transactions in Income Tax Case.

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....Bogus purchases addition - The only valid argument is that there could be no sales without purchases. But the price at which the goods were purchased remained a grey colour when admittedly the payment was made in cash. As the undisputed fact that the payments were made in cash under section 40A(3) is attracted - AT....