Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT upheld one addition and deleted another: the addition under s.69C r.w.s.115BBE relating to unexplained expenditure was sustained against the assessee because seized records bore the statutory presumption under s.292C and the assessee failed to discharge the onus to furnish convincing evidence; conversely the addition under s.40A(3) for cash payment of wages/salary was deleted since the assessee's explanation supported by books of account was disclosed to the Revenue and the books were not rejected under s.145, rendering the addition unjustified.
ITAT upheld one addition and deleted another: the addition under s.69C r.w.s.115BBE relating to unexplained expenditure was sustained against the assessee because seized records bore the statutory presumption under s.292C and the assessee failed to discharge the onus to furnish convincing evidence; conversely the addition under s.40A(3) for cash payment of wages/salary was deleted since the assessee's explanation supported by books of account was disclosed to the Revenue and the books were not rejected under s.145, rendering the addition unjustified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
