Tuesday, 5 May 2015

Discrepancies in book of accounts should cause addition to income of assessee and not its rejection

IT : Where in case of assessee engaged in business of readymade garments, liability towards creditors remained in existence for a long time and, moreover, assessee failed to establish genuineness of those liabilities by producing supporting evidence, addition made by authorities below under section 41(1) was to be confirmed

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