Unexplained investment in agricultural lands - loose paper ...

ITAT Confirms Firm's Land Sale as Business Income; Seized Paper Lacks Specificity and Relates to Different Year.

February 17, 2024

Case Laws Income Tax AT

Unexplained investment in agricultural lands - loose paper seized relied upon - The ITAT found that the firm had shown the sale of some lands and offered the gain as business profit, supporting the argument that the lands belong to the firm. - The ITAT upheld the CIT(A)'s decision, noting that the seized document did not specifically mention the assessee's or the firm's names and the transactions mentioned in the document pertained to a different assessment year.

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Unexplained investment in agricultural lands - loose paper ...

ITAT Confirms Firm's Land Sale as Business Income; Seized Paper Lacks Specificity and Relates to Different Year.

February 17, 2024

Case Laws Income Tax AT

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