Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Assessee followed mercantile system of accounting, recognizing income upon accrual and rendering of services. Unexplained cash deposits were duly accounted for, corroborated by statutory audit and service tax returns. No investment in undisclosed property; property taken on lease substantiated by agreements and ledger entries. Unexpired fee calculation consistent with accounting policy. Rent agreements and comprehensive rent payment details provided, negating estimated disallowance. Contractor payments through banking channels with TDS deducted, establishing business expediency. CIT(A) rightly deleted additions made by AO based on objective scrutiny of facts and accounting principles. Revenue appeal against CIT(A) order dismissed by ITAT.
Assessee followed mercantile system of accounting, recognizing income upon accrual and rendering of services. Unexplained cash deposits were duly accounted for, corroborated by statutory audit and service tax returns. No investment in undisclosed property; property taken on lease substantiated by agreements and ledger entries. Unexpired fee calculation consistent with accounting policy. Rent agreements and comprehensive rent payment details provided, negating estimated disallowance. Contractor payments through banking channels with TDS deducted, establishing business expediency. CIT(A) rightly deleted additions made by AO based on objective scrutiny of facts and accounting principles. Revenue appeal against CIT(A) order dismissed by ITAT.
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