HC grants relief by quashing order as assessee was required to wound up to meet tax demand raised on unexplained income

INCOME TAX : Where assessee, an IATA agent, engaged in booking tickets for its clients, received advance amounts from clients for being paid to various airline companies and impugned assessment order had been passed based on assumption that amount lying in assessee’s account during period was an unexplained income of assessee as assessee had been negligent in responding to notices and information sought forINCOME TAX : Where assessee, an IATA agent, engaged in booking tickets for its clients, received advance amounts from clients for being paid to various airline companies and impugned assessment order had been passed based on assumption that amount lying in assessee’s account during period was an unexplained income of assessee as assessee had been negligent in responding to notices and information sought forwww.taxmann.com Latest Case LawsRead More

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