Assessee Agrees to Tax Profit Embedded in Receipts; No Additional Tax Needed After Section 133A Survey.

Assessee Agrees to Tax Profit Embedded in Receipts; No Additional Tax Needed After Section 133A Survey. https://www.taxtmi.com/highlights?id=52799 Addition on Statement recorded during the course of survey u/s 133A - assessee itself has accepted the stand disclosed during the course of survey - Profit embedded in such receipts deserves to be assessed to tax. - if rate of profit disclosed by the assessee in this year is applied to this receipt. The assessee has already offered more than this amount i.e. ₹ 23 lakhs. Therefore, no further addition is required to be made - AT en-us Mon, 06 Apr 2020 13:03:31 +0530 Mon, 06 Apr 2020 13:03:31 +0530 TaxTMI RSS Generator Assessee Agrees to Tax Profit Embedded in Receipts; No Additional Tax Needed After Section 133A Survey. https://www.taxtmi.com/highlights?id=52799 Addition on Statement recorded during the course of survey u/s 133A - assessee itself has accepted the stand disclosed during the course of survey - Profit embedded in such receipts deserves to be assessed to tax. - if rate of profit disclosed by the assessee in this year is applied to this receipt. The assessee has already offered more than this amount i.e. ₹ 23 lakhs. Therefore, no further addition is required to be made - AT Highlights Income Tax Mon, 06 Apr 2020 13:03:31 +0530 https://www.taxtmi.com/highlights?id=52799