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Survey Disclosure Treated as Business Income – No Scope for Section 68 Addition
Case Law Details
- Case Name
- DCIT Vs Akriti Sales Pvt. Ltd. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Akriti Sales Pvt. Ltd. (ITAT Kolkata)
Survey Disclosure Treated as Business Income – No Scope for s.68 Addition; Entire Exercise Tax-Neutral
In this case, survey u/s 133A on 30.10.2014 revealed cash advances of ₹4,21,39,900 received by Assessee (a real-estate developer) towards sale of flats & cash expenses of ₹1,35,40,555 incurred for construction outside the books. Assessee disclosed entire amount as income: ₹2,85,99,365 was credited in books (net of cash expenses) & balance ₹1,35,40,535 was added in computation. AO nevertheless treated full ₹...
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