https://www.taxtmi.com/caselaws?id=383993 The tribunal allowed the appeal, ruling in favor of the assessee by setting aside the addition of the undisclosed professional receipt under section 69A of the Income Tax Act. The tribunal accepted the assessee's explanation regarding the advance fees received, noting the tax-neutral nature of the transaction and lack of revenue loss. The tribunal deemed the dispute as academic or of minor tax effect, ultimately deleting the addition of Rs. 8,70,000 and emphasizing the assessee's compliance with tax obligations in subsequent assessment years. en-us Thu, 01 Aug 2019 00:00:00 +0530 Sat, 03 Aug 2019 09:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383993 The tribunal allowed the appeal, ruling in favor of the assessee by setting aside the addition of the undisclosed professional receipt under section 69A of the Income Tax Act. The tribunal accepted the assessee's explanation regarding the advance fees received, noting the tax-neutral nature of the transaction and lack of revenue loss. The tribunal deemed the dispute as academic or of minor tax effect, ultimately deleting the addition of Rs. 8,70,000 and emphasizing the assessee's compliance with tax obligations in subsequent assessment years. Case-Laws Income Tax Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383993