ITAT Bangalore Upholds Tax on Waived Trade Liabilities and Unexplained Purchases

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 declared turnover of...