Undisclosed income u/s 68 - In the present case the assessee has ...

Case Laws     Income Tax

May 15, 2021

Undisclosed income u/s 68 - In the present case the assessee has explained the nature and source of the amount in question and to substantiate his contention submitted cash flow statement - AO has not given his findings on this point. We, therefore, find merit in the contention of the assessee that in the absence of any adverse findings by the AO on the source of earning of the assessee, the authorities below have wrongly treated the amount in question as undisclosed income u/s 68 of the Act and computed the Tax liability under the provisions of section 115 BBE of the Act. - AT

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