Surplus shown in books of accounts in normal course cannot be treated as undisclosed income: HC

Brief of the Case Delhi High Court held In the case of DIT (Exemption) vs. All India Personality Enhancement & Cultural Centre for Scholars Society that he expression ‘undisclosed income’ would connote assets or income, which the Assessee believes to be taxable and seeks to conceal the same from the Income Tax Authorities. The surpluses, which are recorded by the Assessee in its books maintained in the normal course and which according to the Assessee are not chargeable to tax cannot be assumed to be ‘undisclosed income’ only for the reason that a return of income surrendering the ...