Additions made on the basis of loose papers found and impounded ...

Taxpayer's Income Increased via Loose Papers; Section 292C Presumption Applied; ITAT Upholds Partial Relief by CIT(A).

February 19, 2020

Case Laws     Income Tax     HC

Additions made on the basis of loose papers found and impounded from the premises of the assessee - Presumption u/s 292C - CIT(A) applying the telescoping reduced the addition giving partial relief to the assessee - ITAT confirmed the order of CIT(A) - Tribunal has given cogent reasons and arrived at conclusion on the basis of the materials and the fact found on record - HC

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