Assessment u/s 153A - unexplained cash credit u/s 68 - addition ...

Case Laws Income Tax

October 4, 2021

Assessment u/s 153A - unexplained cash credit u/s 68 - addition based on statement - Such confessions have been retracted and then the addition could not withstand the scrutiny of the higher appellate authority, because no material was found supporting such addition. It is pertinent to observe that in a large number of authoritative pronouncements, it has been held that merely on the basis of declaration addition should not be made. The alleged declaration should be supported with unexplained expenditure or assets discernible in the seized material during the course of search. - AT

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Assessment u/s 153A - unexplained cash credit u/s 68 - addition ...

Case Laws Income Tax

October 4, 2021

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