Court Rules Bogus Purchases in Jewelry Case: No Cash Transactions Without Prior Cheques, Diamonds Not Bought in Grey Market.

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....Addition of bogus purchases - jewellery business - it is highly impossible for M/s Vitrag Jewels to first hand over the cash even without receiving the cheques from the assessee. Hence no cash could be available with the assessee to make purchase of diamonds from unknown parties in the grey market - AT....