Section 68 cannot be invoked for bogus purchases capitalized as work-in-progress, substantiated share application money, or genuine agricultural income.
Section 68 cannot be invoked for bogus purchases capitalized as work-in-progress, substantiated share application money, or genuine agricultural income. Issue Whether Section 68 of the Income-tax Act can be invoked to treat purchases as unexplained cash credits when the material has not been debited to the P&L account but capitalized under work-in-progress. Whether an addition… Read More »