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
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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