TaxTMI 
TaxTMI 
TaxTMI 
Concealment of Income
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....oncealment of Income<br> Query (Issue) Started By: - pradip shah Dated:- 9-6-2011 Last Reply Date:- 26-6-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>When the assessee has furnished during assessme....
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....nt proceedings, the details of Share Application Money as well as Unsecured Loans received by the company, which could not be substaniated further in assessment ans as such have been added as income U....
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..../s 68. Thereafter on such additions concealment penalty also have been levied. Is there any strong submission for this or case law to be submitted in defence before CIT appeals so that the penalty is ....
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....deleted. Reply By DEV KUMAR KOTHARI: The Reply: Why and in which circumstances it could nto be substantiated is important? A share applicant or a loan creditor might have made undisclosed investmen....
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....t and for that reason he may not come forward before the AO of company. For undisclosed investment by share hodler or debenture holder or loan creditor, the recipient of money cannot be assumed to ahv....
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....e earned undisclsoed income warranting addition u/s 68.<br> Discussion Forum - Knowledge Sharing ....