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.

Only reasonable profit from bogus purchases to be added to income of assessee: Bombay HC

Where assessee had declared certain purchases to be made during year and Assessing Officer added entire quantum of purchases to income of assessee on plea that purchases were bogus purchases and Tribunal held that only reasonable profit at rate of 5 per cent on purchases should be added back to income of assessee, Tribunal was justified in its view

Refer:[2020] 115 taxmann.com 333 (Bombay)

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