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Section 69B & 115BBE inapplicable to Investments with source Disclosed in Books & Tax Returns
Case Law Details
- Case Name
- DDK Spinning Mills Vs DCIT (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chandigarh
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DDK Spinning Mills Vs DCIT (ITAT Chandigarh)
The case of DDK Spinning Mills Vs DCIT, adjudicated by the Income Tax Appellate Tribunal (ITAT) in Chandigarh, revolves around the application of Section 69B of the Income Tax Act. This section pertains to unexplained investments in assets such as property, jewellery, or bullion, where the expenditure exceeds the amount recorded in the books of account.
Detailed Analysis: In this case, the Assessing Officer (AO) invoked Section 69B based on findings from a survey indicating discrepancies in the recorded expenditure versus actual investments in the c...
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