Wednesday, 30 September 2015

No sec. 69 additions on basis of loose sheet found during search unless AO prove it as eligible info

IT: Matter remanded for fresh consideration where Commissioner (Appeals) deleted disallowance made by Assessing Officer on account of excess purchase shown by assessee in comparison to purchase reflected in profit and loss account entered in CPU found and impounded during course of survey, without recording any finding as to whether assessee had been able to explain such difference

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