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ITAT Bangalore Upholds Tax on Waived Trade Liabilities and Unexplained Purchases
Case Law Details
- Case Name
- Madhusree Enterprises Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Bangalore
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Madhusree Enterprises Vs DCIT (ITAT Bangalore)
Illegal Mining, Unexplained Purchases & Waived Liabilities: ITAT Says Enough Is Enough- Books Told the Truth, Assessee Didn’t: Waiver in Books = Tax in Law – ITAT Confirms Entire Additions
Tribunal dealt with an appeal filed by Assessee challenging additions sustained by CIT(A) arising from assessment u/s 144 & 147 in respect of illegal iron-ore trading activity. Search u/s 132 had revealed that Assessee acted as a conduit for iron-ore transactions linked to Shri Janardhana Reddy, following which AO treated the dec...
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