Addition for suppressed sales is restricted to profit element, and cash disallowances require verification.
Addition for suppressed sales is restricted to profit element, and cash disallowances require verification. Issue Whether the entire alleged suppressed sales turnover can be taxed as income instead of restricting it to the profit element, and whether disallowance under Section 40A(3) requires payment-wise verification. Facts Assessee’s Business & Return: The assessee-firm, engaged in the production,… Read More »