132(4) vs 153C Gap Closed: ITAT Deletes ₹8.82 Lakh addition after Telescoping

Majid Khan Vs DCIT (ITAT Hyderabad) 132(4) vs 153C Gap Closed -Two Heads, One Disclosure: ITAT Deletes Rs.8.82 Lakh After Full Telescoping Assessee, engaged in real estate business, was covered u/s 153C pursuant to search on Shahnawaz Group on 25.10.2017. In the statement recorded u/s 132(4), additional income of Rs.40 crores was collectively disclosed in the hands of Shahnawaz, Mohammad Zubairuddin & Assessee. For AY 2016-17, Assessee’s share of additional income was stated as Rs.87,21,138/-. However, in the return filed on 13.12.2019, Assessee admitted only Rs.20,66,692/-. AO therefore...