Treatment of sales as income from unexplained source - ...

Assessee's Alleged False Business for Money Laundering Investigated; High Court Upholds Factual Findings u/s 133B.

November 27, 2020

Case Laws     Income Tax     HC

Treatment of sales as income from unexplained source - Allegation that Assessee had created a false business with the objective of laundering its unaccounted income is based on the enquiries conducted by the AO under Section 133B - Rule of consistency is a well-established and recognised principle applicable to the Income-Tax proceedings. Pertinently, the Respondent-Assessee had closed his business in July, 2015 after selling all the stocks and the survey carried out at a later stage would not have strong evidentiary value. Besides, all these aspects are completely factual in nature and we are unable to find any perversity in the impugned order. - HC

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