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Income Tax - Highlights / Catch Notes

Home Highlights May 2019 Year 2019 This

Unexplained investment u/s. 69 - Asstt. Comm. of Commercial ...

Income Tax

May 21, 2019

Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO consider the same as unexplained investment - AO has to reject the books of account and thereafter, he has to estimate the unexplained investment in WIP in the relevant assessment year by following the market price or cost which was lower which the AO has failed to do so - no addition

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