Consideration alleged to be waived treated as undisclosed income as ledger revealed that it was already received

INCOME TAX : Where assessee had entered into agreements with third parties for conferring distribution rights of films for consideration and search conducted at premises of assessee revealed that assessee had not disclosed entire amounts received under agreements for assessment and assessee claimed that it did not receive entire amount as part of it had been waived as movie failed at box office, however, Tribunal on examination of ledger accounts seized during search,INCOME TAX : Where assessee had entered into agreements with third parties for conferring distribution rights of films for consideration and search conducted at premises of assessee revealed that assessee had not disclosed entire amounts received under agreements for assessment and assessee claimed that it did not receive entire amount as part of it had been waived as movie failed at box office, however, Tribunal on examination of ledger accounts seized during search,www.taxmann.com Latest Case LawsRead More

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