Bombay High Court Allows Writ Petition in Income Tax Reassessment Case — Addition Under Section 68 for Bogus Purchases Set Aside. Court holds that without proper inquiry into the genuineness of purchases, addition of 100% of alleged bogus purchases is unsustainable and remands matter for fresh assessment....
The petitioner, Agarwal Industrial Corporations Limited, filed a return of income declaring total income of Rs.93,92,140/-. The assessment was completed under Section 143(3) of the Income Tax Act, 196...




