Taxation on Unaccounted Purchases: Only Profit Element Taxed at 10% When No Unaccounted Stock Found During Survey.

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....Unaccounted purchases - only the profit element in such unaccounted purchase should be made especially when there is no unaccounted stock found during the survey on account of such unaccounted purchases. In our opinion profit rate @10% on such unaccounted purchase will be reasonable and will meet the ends of justice.....