AO to Estimate 30% Profit on Bogus Capital Goods Purchases; Depreciation Allowed on Capitalized Portion at Prescribed Rates.

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Full Text of the Document

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....Nature and genuineness of purchase - AO directged to estimate 30% profit on alleged bogus purchase of capital goods and the balance amount shall be treated as purchase of capital assets and accordingly, depreciation shall be allowed at the prescribed rates on capitalized portion.....