Addition u/s 68 - disclosure made by the assessee on the basis ...

Tribunal Deletes Addition Due to Lack of Evidence and Annuls Penalty for Late Return Filing, Citing Compliance.

April 4, 2024

Case Laws Income Tax AT

Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding that the statement made during a survey under Section 133A of the Act lacked evidentiary value without corroborative evidence. The Tribunal emphasized that such statements during surveys are not empowered to be taken under oath, and hence, cannot solely form the basis for additions. - The Tribunal deleted the penalty of Rs. 5,000 imposed under Section 271F for late filing of the return, recognizing the assessee's compliance through the belated submission of the return of income.

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Addition u/s 68 - disclosure made by the assessee on the basis ...

Tribunal Deletes Addition Due to Lack of Evidence and Annuls Penalty for Late Return Filing, Citing Compliance.

April 4, 2024

Case Laws Income Tax AT

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