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Case Law Details

Case Name : Smt. Bhavana Jain, Prop. M/s Akash Metal Vs ITO (ITAT Delhi)
Related Assessment Year : 2013-14
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Smt. Bhavana Jain, Prop. M/s Akash Metal Vs ITO (ITAT Delhi)

The assessee’s explanation with regard to interest in the loose sheet i.e. blue diary found during the course of search was that it was for the purpose of memory and the addition could not have been made solely on the basis of loose paper which is against the well settled law in this regard. Moreover, the entire alleged receipt could not partake character of profit. The profit element embedded into such receipt could be subjected to tax. There is no ambiguity und

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