Addition on Unaccounted Sales and Purchases under Income Tax Act Solely Based on Loose Slips is Invalid: ITAT [Read Order]

The ITAT held that in the absence of seized material or incriminating material, AO is precluded from making any additions
ITAT - Income tax - appellate tribunal - Income tax act - sales and purchases - TAXSCAN

The Banglore Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the addition on unaccounted sales and purchases under the income tax act solely based on loose slips is invalid and deleted the income tax addition on alleged unaccounted sales and purchases. M/s. Ramachandra Setty & Sons SRS Building, the respondent/assessee is…

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