Unexplained investments - assessee had declared income u/s 44AD ...

Assessing Officer's Cash Flow Statement Rejected for Ignoring Opening Balances and Relying on Unexplained Investments u/s 44AD.

June 11, 2020

Case Laws Income Tax AT

Unexplained investments - assessee had declared income u/s 44AD - AO has not considered the opening cash and bank balances and only the profits declared is considered as inflow in the cash flow prepared by him. The cash flow statement prepared by the A.O. is based on assumption and the same needs to be rejected.

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Unexplained investments - assessee had declared income u/s 44AD ...

Assessing Officer's Cash Flow Statement Rejected for Ignoring Opening Balances and Relying on Unexplained Investments u/s 44AD.

June 11, 2020

Case Laws Income Tax AT

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