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Income Tax - Highlights / Catch Notes

Home Highlights April 2020 Year 2020 This

Validity of initiation of proceedings u/s 147/148 - Addition u/s ...

Income Tax

April 10, 2020

Validity of initiation of proceedings u/s 147/148 - Addition u/s 69 - anonymous complaint - Once the sellers as well as the purchasers have denied the allegation of any unaccounted purchase consideration/sale consideration paid or received in their statements recorded under section 131 of the Act, then in the absence of any such fact detected during the investigation carried out by the DDIT, the opinion formed by the DDIT and consequently by the AO is merely based on the allegation made in the complaint which is anonymous complaint as admitted and stated by the DDIT Investigation - AT

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