Addition quashed as Form 2 under Income Declaration Scheme not served: ITAT Chennai

Jagathesh Vs ACIT (ITAT Chennai)

ITAT Chennai held that section 197(b) of the Finance Act, 2016 cannot be invoked since Form 2 as contemplated under Income Declaration Scheme not served. Accordingly, addition u/s. 69A made in assessment u/s. 147 r.w.s. 144 liable to be deleted.

Facts- A survey u/s.133A had been carried out in the assessee’s case on 23.05.2018. The assessee in his statement recorded during the course of survey had failed to give any credit worthy details regarding the source for the acquisition of the property and had admitted that the sai

Please become a Premium member. If you are already a Premium member, login here to access the full content.