Surrender of Additional Professional Income Covering Expenditure Incurred on Building: ITAT deletes Addition u/s 69 of Income Tax Act [Read Order]

The value of the building cannot be deemed justified, as the assessee has explicitly surrendered the additional professional income, which also covers the expenditure incurred on the building
ITAT - Income tax - income - professional income - taxscan

The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition under Section 69 of the Income Tax Act, 1961 citing the surrender of additional professional income to cover the expenditure incurred on building. The assessee is a Veterinary Doctor and has been returning his income from profession. A survey…

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