Addition u/s 68 - search u/s 132(1) - amount received on the ...

Court Examines Income Addition u/s 68 After Search; Assessee's Explanation Inconsistency Not Enough for Taxation Decision.

August 20, 2019

Case Laws Income Tax AT

Addition u/s 68 - search u/s 132(1) - amount received on the occasion of marriage of his brother-in-law’s daughter or as commission income - merely because the assessee is inconsistent in his explanation does not ifso facto and on its own alone lead to the conclusion that a particular noting represents the income of the assessee. There has to be some material on record, more importantly, in the absence of any explanation by the assessee, to form the basis of making the addition.

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Addition u/s 68 - search u/s 132(1) - amount received on the ...

Court Examines Income Addition u/s 68 After Search; Assessee's Explanation Inconsistency Not Enough for Taxation Decision.

August 20, 2019

Case Laws Income Tax AT

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