Addition u/s 28(iv) - huge increase in the capital - revaluation of the jewellery - This is merely a book entry passed by the assessee - the auditor who has admitted to have made mistakes in describing the gold pledged as capital of the assessee, whereas, in the eyes of law it is a contingent liability and since the error has been corrected, no additions - AT
Addition u/s 28(iv) - huge increase in the capital - revaluation of the jewellery - This is merely a book entry passed by the assessee - the auditor who has admitted to have made mistakes in describing the gold pledged as capital of the assessee, whereas, in the eyes of law it is a contingent liability and since the error has been corrected, no additions - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
