ITAT Holds Business Turnover Cannot Be Treated as Unexplained Money Without Proper Verification | Biz Flow Kit
ITAT Holds Business Turnover Cannot Be Treated as Unexplained Money Without Proper Verification The Income Tax Appellate Tribunal (ITAT) Bangalore held that where an assessee claims that bank deposits represent business receipts, the Assessing Officer must verify the explanation and supporting material before treating the entire deposits as unexplained money under Section 69A. The assessee…
