Wednesday, August 22, 2018

No additions as negative cash balance was due to payment made out of unaccounted income disclosed during search

IT: Where entire unaccounted income found during search was offered as part of overall disclosure and negative balance in books of account was on account of payment made out of said unaccounted income, assessee could not be denied benefit of telescoping of original disclosure

from www.taxmann.com Latest Case Laws https://ift.tt/2w4q8Rn

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...