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Income Tax - Highlights / Catch Notes

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Treating additional income earned on sale of shops as income u/s. ...


Dispute Over Shop Sale Income Classification u/s 69A: Business Income or Income from Other Sources?

May 17, 2021

Case Laws     Income Tax     AT

Treating additional income earned on sale of shops as income u/s.69A - whether undisclosed income is “business income” or “income from other sources” - As per the assessee, the amount is net of expenses, therefore the said income would be assessable under the head business income without deducting any expenses from it, however, as noted by us above, that assessee has claimed proportionate expenses, which is not acceptable. - AT

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