PCIT VS. PARAMSHAKTI DISTRIBUTORS PVT. LTD (BOMBAY HIGH COURT)
I T A NO. 413 OF 2017
15-07-2019

S. 68 Bogus Purchases: Despite admission by the assessee that the purchases were mere accommodation entries, the entire expenditure cannot be disallowed. Only the profit embedded in the purchases covered by the bogus bills can be taxed. The GP rate disclosed by the assessee cannot be disturbed in the absence of incriminating material to discard the book results.