Protective addition made in the hands of the assessee - income ...

Conditional Income Surrender Misinterpreted by Tax Authorities; Additions Deleted After Clarification on Capital Gains. CBDT Circular Contradicted.

May 14, 2022

Case Laws Income Tax AT

Protective addition made in the hands of the assessee - income surrendered by the assessee in the sworn statement - the surrender was not blanket surrender as presumed by the tax authorities. We also noticed that the surrender was couched with various caveats. In any case, the surrender of income without any basis is against the circular issued by CBDT . We also noticed that the assessee has explained later before the AO that the capital gain was in his mind while making surrender. - Additions deleted - AT

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Protective addition made in the hands of the assessee - income ...

Conditional Income Surrender Misinterpreted by Tax Authorities; Additions Deleted After Clarification on Capital Gains. CBDT Circular Contradicted.

May 14, 2022

Case Laws Income Tax AT

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