https://www.taxtmi.com/caselaws?id=312673 The ITAT Chennai ruled on a search case where the assessee voluntarily disclosed additional income during proceedings under section 132. The Tribunal held that service tax refund could not be taxed under section 41(1) in AY 2015-16 as it had not actually accrued to the assessee in that year, despite a Supreme Court decision delivered on 24.10.2013. The AO failed to establish actual receipt or accrual of the refund during the assessment year. However, the Tribunal confirmed an addition of Rs. 2,73,26,740 representing unexplained shortfall in voluntarily admitted income, as the assessee provided no evidence or arguments regarding this difference. The appeal was partly allowed. en-us Fri, 27 Sep 2019 00:00:00 +0530 Fri, 01 Mar 2024 18:03:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312673 The ITAT Chennai ruled on a search case where the assessee voluntarily disclosed additional income during proceedings under section 132. The Tribunal held that service tax refund could not be taxed under section 41(1) in AY 2015-16 as it had not actually accrued to the assessee in that year, despite a Supreme Court decision delivered on 24.10.2013. The AO failed to establish actual receipt or accrual of the refund during the assessment year. However, the Tribunal confirmed an addition of Rs. 2,73,26,740 representing unexplained shortfall in voluntarily admitted income, as the assessee provided no evidence or arguments regarding this difference. The appeal was partly allowed. Case-Laws Income Tax Fri, 27 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312673