CIT(A) rightly held that the artificial and hypothetical income ...

CIT(A) Rules Reversed General Entries Not Taxable; Income Reported in Subsequent Years, No Revenue Loss Found.

August 27, 2020

Case Laws Income Tax AT

CIT(A) rightly held that the artificial and hypothetical income created by mere general entries which were subsequently reverse cannot be brought to tax. Besides that the assessee made the statement before us that the income derived from the said project in subsequent Assessment Years has been offered to tax by the assessee. Thus, the Revenue is not at loss at any point of time - Additions deleted - AT

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CIT(A) rightly held that the artificial and hypothetical income ...

CIT(A) Rules Reversed General Entries Not Taxable; Income Reported in Subsequent Years, No Revenue Loss Found.

August 27, 2020

Case Laws Income Tax AT

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