Thursday, October 31, 2019

Additions justified if assessee failed to prove that sum deposited in bank was actually his salary withdrawn earlier

INCOME TAX: Where there was no specific evidence to explain assessee's stand that amount deposited in bank was actually his salary that was withdrawn earlier and rotated from time to time and that same was redeposited in cash, addition made as undisclosed income was justified

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

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

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