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    Income Tax

    Double additions - The claim of the appellant that such addition...

    Appellant Challenges Double Taxation: Income Taxed Twice Due to Section 68 and Cost of Sales Deduction Misapplication.

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    Income TaxOctober 6, 2023Case LawsAT

    Double additions - The claim of the appellant that such addition resulted into double taxation of the same income in the same year is also acceptable because on one hand cost of the sales has been taxed (after deducting gross profit from same price ultimately credited to profit & loss account) and on the other hand cash sales subjected to reported income are added u/s. 68 of the Act. - AT

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