Suppression in Net Sales assessable as ‘Business Income’, can’t be treated as Deemed Income u/s 68: ITAT [Read Order]

Suppression - Net Sales assessable - Business Income - treated - Deemed Income - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income surrendered for suppression in the net sales shall be assessable as “Income from Business or Profession” and the same cannot be treated as deemed income for the purpose of section 68 of the Income Tax Act, 1961. In consequent to a search…

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