Rs 10L investment, different explanations: why ITAT deleted tax addition & penalty
The dispute arose after the income tax department received information about an investment of Rs 11.25 lakh made by a man with a wealth management firm. The assessing officer accepted that Rs 1.25 lakh had been paid by cheque, but the source of the remaining Rs 10 lakh, was questioned. Before considering the tax dispute, the...
Key Takeaways
- The dispute arose after the income tax department received information about an investment of Rs 11.25 lakh made by a man with a wealth management firm.
- The assessing officer accepted that Rs 1.25 lakh had been paid by cheque, but the source of the remaining Rs 10 lakh, was questioned.
- Before considering the tax dispute, the tribunal had to address the delay in filing the appeals
The dispute arose after the income tax department received information about an investment of Rs 11.25 lakh made by a man with a wealth management firm. The assessing officer accepted that Rs 1.25 lakh had been paid by cheque, but the source of the remaining Rs 10 lakh, was questioned. Before considering the tax dispute, the tribunal had to address the delay in filing the appeals
Original Publisher Attribution
This summary was curated from Times of India.