Excess income declared during survey proceedings and credited to P&L Account not to be treated as Unexplained Income: ITAT [Read Order]

Excess- income - survey- proceedings - credited - P&L- Account - treated - Unexplained- Income-ITAT-TAXSCAN

The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that excess income declared during the course of survey proceedings cannot be treated as unexplained income since the same way credited to the profit and loss account by the assessee. It was added that the same was to be assessed as income from business….

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