https://www.taxtmi.com/caselaws?id=376205 The Court held that the assessment of Rs. 12,49,000 as income from business was justified, rejecting the Department's claim of unexplained investment. The Court found the amount was a rent advance, properly credited and explained in the company's accounts. Despite concerns over recovery and limitation, the assessment was within the permissible period. The decision modified the assessment to include the rent advance as income for the relevant year, upholding the Assessing Officer's order without costs awarded. en-us Tue, 19 Feb 2019 00:00:00 +0530 Thu, 04 Apr 2019 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376205 The Court held that the assessment of Rs. 12,49,000 as income from business was justified, rejecting the Department's claim of unexplained investment. The Court found the amount was a rent advance, properly credited and explained in the company's accounts. Despite concerns over recovery and limitation, the assessment was within the permissible period. The decision modified the assessment to include the rent advance as income for the relevant year, upholding the Assessing Officer's order without costs awarded. Case-Laws Income Tax Tue, 19 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376205