Tuesday, January 20, 2015

[aaykarbhavan] No revision if AO's view that unexplained loan was business income & not income from other sources wasn't erroneous



No revision if AO's view that unexplained loan was business income & not income from other sources wasn't erroneous

January 20, 2015[2015] 53 taxmann.com 217 (SC)
IT: When there was not satisfactory explanation regarding source of income of creditor, unsecured loan was added by Assessing Officer under head 'business income', such a view being possible, review to consider loan amount as income from other sources was unjustifed
 
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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