Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The assessee admitted certain income amounts under different heads like income from house property and income from other sources while filing the return. However, the amount was shown in the tax audit report as 'any other items of income' but not mentioned in the corresponding column of the return. The CPC made an addition under 'income from business or profession' based on this discrepancy. The ITAT held that since the assessee had already admitted and included these amounts under the respective heads, it was not necessary to mention them again under 'any other items of income'. Therefore, the addition made by the AO/CPC under 'income from business or profession' was not warranted and was set aside by the ITAT.
The assessee admitted certain income amounts under different heads like income from house property and income from other sources while filing the return. However, the amount was shown in the tax audit report as 'any other items of income' but not mentioned in the corresponding column of the return. The CPC made an addition under 'income from business or profession' based on this discrepancy. The ITAT held that since the assessee had already admitted and included these amounts under the respective heads, it was not necessary to mention them again under 'any other items of income'. Therefore, the addition made by the AO/CPC under 'income from business or profession' was not warranted and was set aside by the ITAT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
