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Journal Entries ≠ Undisclosed Income- ITAT Gives Fresh Life to ₹51 Lakh Additions
Case Law Details
- Case Name
- Kailash Dayanand Punjabi Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
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Kailash Dayanand Punjabi Vs ITO (ITAT Pune)
Journal Entries ≠ Undisclosed Income- ITAT Gives Fresh Life to ₹51 Lakh Additions
The Pune ITAT granted relief to a poultry farm owner by holding that additions merely arising from journal entries, reclassification of investments, or old property advances require proper verification before being taxed as unexplained income. The Tribunal restored the matter back to the AO after admitting crucial additional evidence.
The assessee was subjected to additions of ₹5 lakh u/s 68 and ₹45.98 lakh u/s 69. The AO treated a long-pending ...
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