Brand new Assessee is actually into team of creation from fragrances, deodorants, cosmetics things and toiletry goods and you may are claiming deduction less than area 80-IC
S. 69A : Unexplained moneys (Revision) – Whenever throughout the scrutiny assessee had registered most of the related info regarding funds and you can improve and you can informed me that being said improve try returned into the coming year, AO shortly after due verification passed buy, invocation away from modify u/s.263 of the Advertising. CIT is unjustified.
CIT invoked improve u/s. 263 on the crushed that AO hadn’t looked at topic linked to progress regarding certain quantity supplied by assessee to 1 AIP and you can also hadn’t looked at procedure related to repayments away from percentage to help you two persons.
Kept one, when assessee got supplied all the related facts from loan and advances given and you will informed me having said that advance was returned back in 2nd season as well as have equipped copy off ledger account, subsequent, assessee had in addition to recorded most of the evidence and you may informed me features from inside the relatives so you’re able to conversion process provided with eg several persons so you can whom they paid fee and additionally duplicate regarding transformation asiame nedir sign in, profit-and-loss membership and you can confirmation away from parties prior to AO. Continue reading →