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Deletion of unexplained investment without verification of books of account is untenable
Case Law Details
- Case Name
- DCIT Vs H. Omkarappa (HUF) (ITAT Bangalore)
- 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 Bangalore
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DCIT Vs H. Omkarappa (HUF) (ITAT Bangalore)
ITAT Bangalore held that deletion of unexplained investment without verifying the reflection thereof in the books of accounts and also without verifying consolidated statement of accounts is untenable in law. Matter remanded to verify the books of accounts
Facts-
AO concluded the assessment by making additions towards income from unaccounted sales; excess stock found during search and unexplained capital account balance. AO also initiated penalty proceedings u/s 271(1)(c). Additions were deleted by CIT(A). Being aggrieved, revenue has preferred the p...
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