Friday, July 20, 2018

No sec. 68 additions if assessee duly produced returns of firms showing his profit share

IT : Where AO made addition to assessee's income under sec. 68 on ground that it had received excess share of Profit from firm in which he was a partner, in view of fact that assessee had received amount in question from two separate firms and he had also produced returns of said two firms which showed matching figures, impugned addition was to be deleted

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