Cash purchase of jewellary disallowed as assessee failed to prove compulsion : HC
Issue The Assessing Officer observed that the assessee had purchased gold jewellery worth Rs.34.68 Crores by way of cash in the auction conducted by M/s.Manapuram Finance Ltd. The assessess stated that a group of bidders formed a syndicate and participated in the auction and after successful bidding, money from the prospective purchasers are collected and… Read More »