“Revenue not Justified in Addition made based on Rough Noting on Loose Sheets”: ITAT quashes S.40 Income Tax Addition [Read Order]

The Tribunal ruled that the additions made by the AO were not justified, as they were based on unverified and rough notings without any substantial corroborative evidence
ITAT - ITAT Bangalore - Income Tax Appellate Tribunal - ITAT Quashes - Income Tax - Section 40A(3) the Income Tax Act - Loose Sheets - taxscan

In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) of Bangalore quashed an addition made under Section 40A(3) the Income Tax Act, 1961 ( ITA )  against a real estate development firm based in Mangaluru. The case revolved around the firm’s alleged cash payments and unaccounted income based on rough notings found…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now

taxscan-loader