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Income Tax - Highlights / Catch Notes

Home Highlights November 2021 Year 2021 This

Unexplained investments u/s 69- Tribunal deleted the addition - ...

Income Tax

November 15, 2021

Unexplained investments u/s 69- Tribunal deleted the addition - The term assessed being flexible, it bears very comprehensive meaning. Therefore, under Section 158BB of the Act, the Assessing Authority has to compute the undisclosed income falling within the block period, is not expected to assess the undisclosed income. Even in the event of undisclosed income, if the books are not available or the books are destroyed or there is suppression of actual sales, taking into consideration the totality of the circumstances, it is open to the Assessing Authority to estimate the income of the assessee. - HC

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