ITAT Rejects Retraction of Voluntarily Conceded Income Under Section 153A

Chowdadenahally Rangaswamy Manohar Vs DCIT (ITAT Bangalore) Voluntary Concession Binds Assessee: ITAT Bangalore Rejects Attempt to Retract in appeal – CBDT Circular 14 No Shield—Assessee’s Own Letter Sinks Appeal Assessee, a film producer & partner in a real-estate firm, filed return declaring Rs.13,49,557/-. Search u/s 132 took place on 15.03.2016. Assessment was completed u/s 143(3) r.w.s. 153A on 29.12.2017 at Rs.5,14,90,650/-, wherein AO noted large cash payments supported only by self-made vouchers. During assessment, Assessee voluntarily accepted that 20% of cash expenses w...