Assessee's Additional Income Admission Explains Capital Account Credits, Averts Tax on Unexplained Investments.

Assessee's Additional Income Admission Explains Capital Account Credits, Averts Tax on Unexplained Investments. https://www.taxtmi.com/highlights?id=56294 Unexplained income - Once, the assessee has admitted the additional income, the said income is available to the assessee in the form of cash or kind which the assessee is permitted to take as source for application of funds. Thus, the assessee explained the source for credits in the capital accounts and there is no unexplained investment required to be brought to tax. - AT en-us Wed, 13 Jan 2021 11:42:11 +0530 Wed, 13 Jan 2021 11:42:11 +0530 TaxTMI RSS Generator Assessee's Additional Income Admission Explains Capital Account Credits, Averts Tax on Unexplained Investments. https://www.taxtmi.com/highlights?id=56294 Unexplained income - Once, the assessee has admitted the additional income, the said income is available to the assessee in the form of cash or kind which the assessee is permitted to take as source for application of funds. Thus, the assessee explained the source for credits in the capital accounts and there is no unexplained investment required to be brought to tax. - AT Highlights Income Tax Wed, 13 Jan 2021 11:42:11 +0530 https://www.taxtmi.com/highlights?id=56294