Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Addition of unexplained income - earnest/advance money under agreement to sell - The copy of the bank statements have been duly provided to the revenue authorities. The amount forfeited subsequently is not taxable under “income from other sources” u/s 56(2)(ix) in the assessment year 2014-15 but is a subject matter of provisions of Section 51 of the Act effective for the year under consideration. - AT
Addition of unexplained income - earnest/advance money under agreement to sell - The copy of the bank statements have been duly provided to the revenue authorities. The amount forfeited subsequently is not taxable under “income from other sources” u/s 56(2)(ix) in the assessment year 2014-15 but is a subject matter of provisions of Section 51 of the Act effective for the year under consideration. - AT
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