Addition of the suppressed gross receipts as were disclosed by ...

Tribunal Rules Only Profit from Suppressed Receipts Taxable, Not Total Sales, Aligns with Taxation Precedents.

April 24, 2024

Case Laws Income Tax AT

Addition of the suppressed gross receipts as were disclosed by the assessee company during the survey proceedings u/s. 133A - The AO initially added the entire unrecorded amount as income, but the Tribunal agreed with the Commissioner's approach that only the profit element should be taxed. This decision was based on the principle that the total sales could not be regarded as profit and was supported by various judicial precedents.

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Addition of the suppressed gross receipts as were disclosed by ...

Tribunal Rules Only Profit from Suppressed Receipts Taxable, Not Total Sales, Aligns with Taxation Precedents.

April 24, 2024

Case Laws Income Tax AT

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