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132(4) vs 153C Gap Closed: ITAT Deletes ₹8.82 Lakh addition after Telescoping
Case Law Details
- Case Name
- Majid Khan Vs DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Hyderabad
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Majid Khan Vs DCIT (ITAT Hyderabad)
132(4) vs 153C Gap Closed -Two Heads, One Disclosure: ITAT Deletes Rs.8.82 Lakh After Full Telescoping
Assessee, engaged in real estate business, was covered u/s 153C pursuant to search on Shahnawaz Group on 25.10.2017. In the statement recorded u/s 132(4), additional income of Rs.40 crores was collectively disclosed in the hands of Shahnawaz, Mohammad Zubairuddin & Assessee. For AY 2016-17, Assessee’s share of additional income was stated as Rs.87,21,138/-. However, in the return filed on 13.12.2019, Assessee admitted only Rs.20,66,692/-. AO therefore...
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