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Loose sheets without corroboration insufficient to justify additions
Case Law Details
- Case Name
- DCIT Vs K.Rethinam (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Chennai
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DCIT Vs K.Rethinam (ITAT Chennai)
Loose sheets not corroborated; Partner’s Remuneration Beyond 40(b) not taxable again u/s 28(v); Alleged cash property investments fail due to retraction & lack of evidence: ITAT Chennai
A search under Section 132 was conducted on 08.12.2016 in the SRS Group (including SRS Mining, a partnership firm) and on partners including Shri K. R., Shri S. R., & Shri J. S. Certain loose sheets were found in the office of SRS Mining, purportedly recording huge cash remuneration to partners and alleged cash investments in immovable property. Assessments under Sect...
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