Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Addition was limited to profit elements when undisclosed purchases were discovered during assessment proceeding

Section 69C of the Income-tax Act, 1961 - Unexplained expenditure (Purchases) - In course of survey operations at rice mill of assessee, Assessing Officer discovered large quantities of undisclosed stock - He thus made addition of value of entire quantity of additional stock to assessee's income - Whether when undisclosed purchases are discovered, in course of assessment, it is only profit embedded in transaction which can be added to total income - Held, yes[In favour of assessee]

Refer: [2018] 96 286 (Calcutta)

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