Unaccounted cash receipts - on money for the additional work ...

Assessing Officer Can't Base Additions Solely on Section 132(4) Statements; Only Profit from Unaccounted Cash is Taxable.

December 1, 2020

Case Laws Income Tax AT

Unaccounted cash receipts - on money for the additional work executed - All these facts and circumstances support that only profit required to be brought to tax but not the entire receipts. The assessee had admitted the income @ 30% on additional receipts which appears to be fair and reasonable.The AO cannot make addition solely on the basis of statement u/sec. 132(4) without considering the entire facts and the expenditure - AT

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Unaccounted cash receipts - on money for the additional work ...

Assessing Officer Can't Base Additions Solely on Section 132(4) Statements; Only Profit from Unaccounted Cash is Taxable.

December 1, 2020

Case Laws Income Tax AT

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