ITAT directs AO to verify Fabricated Financial Statements with respect to Share Application Money in P/L Account [Read Order]

ITAT - ITAT Chennai - Income Tax - Financial Statements - TAXSCAN

The Chennai bench Income Tax Appellate Tribunal ( ITAT ) recently directed the Assessing Officer ( AO )to verify the fabricated financial statements with respect to share application money in Profit and Loss Account. Kali Infra Pvt. Ltd., engaged in infrastructure development, found its return of income under scrutiny. The AO discovered a claim of…

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