Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
Form No. 10 by itself did not justify treating the amount set apart for educational building work as undisclosed income, because neither the AO nor the appellate authority had material to show that the income was actually received and omitted from the books; the addition was deleted. The addition relating to opening capital work-in-progress also failed, as the assessee had claimed only capital assets added during the year as application of income and had not treated the opening balance as current-year application; that addition was deleted. The claim for set-off of excess application of earlier years was accepted for verification, and the Assessing Officer was directed to allow the benefit after proper verification.
Form No. 10 by itself did not justify treating the amount set apart for educational building work as undisclosed income, because neither the AO nor the appellate authority had material to show that the income was actually received and omitted from the books; the addition was deleted. The addition relating to opening capital work-in-progress also failed, as the assessee had claimed only capital assets added during the year as application of income and had not treated the opening balance as current-year application; that addition was deleted. The claim for set-off of excess application of earlier years was accepted for verification, and the Assessing Officer was directed to allow the benefit after proper verification.
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