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Addressing Bogus Purchases: Taxing 12.5% Profit Element to Curb Fraudulent Accounting Practices and Tax Evasion.
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....Addition of non-genuine and merely accommodation entries - There could be several reasons for arranging bogus accommodation entries towards bogus purchases, which could be to suppress profits and evade taxes, or to arrange for the invoices at higher value to reflect purchases in the books of accounts etc. so on and so forth. - It will be fair that profit element embedded in the aforesaid purchase @12.5% be brought to tax - AT....