| Question And Answer | |
|---|---|
| Subject: | disallowance of purchases |
| Category: | Income-Tax |
| Querist: | Krishan Gupta |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | Bogus purchases and sale |
| Date: | April 4, 2024 |
Assessee is filing return of income and declare profit u/s 44AD. Notice u/s 148 received alleging that you have a bogus purchase from M/s X and why it should not be disallowed and profit declared by assessee shall be incoease by bogus purchase amount. He contended that since purchase is bogus and is considered in arriving net profit at 8%, hence profit will increase by amount of bogus purchase. Please comment.
Reply of the Expert is awaited. Please check back later
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