Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
Scope of limited scrutiny - cash deposits in the Bank accounts being more than the turnover - The impugned addition made by the AO on account of profit allegedly earned by the assessee on undisclosed turnover was directly related to the ground on which the case of the assessee was selected for limited scrutiny and the same being fall-out of the verification made by the AO on the issue on which the case of the assessee was selected for limited scrutiny, we do not find merit in the contention raised by assessee that the impugned addition made by the Assessing officer is beyond the scope of limited scrutiny. - AT
Scope of limited scrutiny - cash deposits in the Bank accounts being more than the turnover - The impugned addition made by the AO on account of profit allegedly earned by the assessee on undisclosed turnover was directly related to the ground on which the case of the assessee was selected for limited scrutiny and the same being fall-out of the verification made by the AO on the issue on which the case of the assessee was selected for limited scrutiny, we do not find merit in the contention raised by assessee that the impugned addition made by the Assessing officer is beyond the scope of limited scrutiny. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
