INCOME TAX : Where assessee showed certain gross profit from turmeric trading activity through one ‘B’ and Assessing Officer observed that turmeric trading activity was not supported by any evidence and treated gross profit as unexplained cash credit and added same to assessee’s income, since transactions of assessee were genuinely conducted through ‘B’ in same way in which he did with more than 100 traders and genuineness of all of which had been accepted by departmentINCOME TAX : Where assessee showed certain gross profit from turmeric trading activity through one ‘B’ and Assessing Officer observed that turmeric trading activity was not supported by any evidence and treated gross profit as unexplained cash credit and added same to assessee’s income, since transactions of assessee were genuinely conducted through ‘B’ in same way in which he did with more than 100 traders and genuineness of all of which had been accepted by departmentwww.taxmann.com Latest Case LawsRead More
