Tax Authority Overturns Unaccounted Income Addition; Retraction Accepted, Cash Payments Explained as Surplus, Not Sales.

1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available

2. New: “In Favour Of” filter added in Case Laws.

Try both these filters in Case Laws →

Tax Authority Overturns Unaccounted Income Addition; Retraction Accepted, Cash Payments Explained as Surplus, Not Sales.

X X X X Extracts X X X X

....CIT(A) deleted addition on unaccounted business income, accepting assessee's retraction of statement recorded u/s 132(4). CIT(A) agreed cash payment of 60 crores by assessee and group entities, over banking channel payment of 50 crores, was from surplus cash, not suppressed sales. CIT(A) observed no legal requirement to produce evidence only during seizure, relying on judicial precedents. CIT(A) elaborated on transactions, noting taxing impugned amount as unaccounted income would lead to double taxation. CIT(A) reconciled cash found during search with completed books, supported by GST returns and bills/vouchers. CIT(A) analyzed sales data from GST returns and books, finding no abnormality. CIT(A) accepted retraction by key person, backed by.........

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

Tax Authority Overturns Unaccounted Income Addition; Retraction Accepted, Cash Payments Explained as Surplus, Not Sales.