Addition on account of excess stock of jewellery found during ...
Income Tax
July 13, 2022
Addition on account of excess stock of jewellery found during survey - addition u/s 69A and not under Income from Business - On a careful reading of the specific reasons for surrendering the income wherein very clearly the assessee states that; "it is submitted that certain discrepancies were observed related to cash deposit/income etc. However, is, order to by peace of mind and to avoid any litigation and is order to settle the group cases of the persons covered " - The wordings are very clear and categoric. We have taken into consideration the PMGKY Scheme 2016 and have also taken into consideration two Circulars which clarify those i.e. Circular No. 2/2017 and 9/2017. - Additions deleted - AT
View Source
