Only Profit Element in Bogus Purchases can be Added to Income: Bombay HC

CIT Vs Simit P Sheth (Gujarat High Court)

The case of CIT Vs Simit P Sheth revolves around the estimation of profit in a steel trading business. The Gujarat High Court validates the ITAT’s order, emphasizing the inclusion of only the profit element in specific purchases.

The dispute arises from certain purchases made by the assessee for which TDS was deducted by the payer departmen

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