Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot ...

Advance Receipts Not Taxable u/s 56(2)(vi) Without Evidence; Assumptions Insufficient for Income Tax Inclusion.

November 24, 2017

Case Laws Income Tax AT

Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that the particular receipt is taxable under the provisions of the Act - merely because the person, who paid the amount does not initiate any action for recovery of money should not be not a reason for making addition towards amount received as assessee’s income - AT

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Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot ...

Advance Receipts Not Taxable u/s 56(2)(vi) Without Evidence; Assumptions Insufficient for Income Tax Inclusion.

November 24, 2017

Case Laws Income Tax AT

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