Failure to Explain Genuineness of Cash Payment for Purchase of Property by Firm: ITAT uphold Income Tax Addition [Read Order]

Failure to Explain Genuineness of Cash Payment for Purchase of Property by Firm: ITAT Uphold Income Tax Addition

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the tax authorities were justified in adding income to the assessee’s return due to inadequate evidence for cash payments and partnership formation and found that the assessee had failed to provide any documentary evidence to support his claims and that the tax…

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