When the assessee fails to explain the doubtful circumstances, AO is entitled to draw inferences from the circumstances of the case
Last updated: 16 August 2021
Court :
Kerala High Court
Brief :
The assessee is engaged in the business of manufacture and sale of coir mats and mattings. For the assessment year 2007-08, the return filed by the assessee was accepted and a refund was also granted. The assessee was called upon to produce the balance sheet and the profit and loss account for the assessment year 2007-08. After finding that the assessee failed to furnish the books of account fearing detection of escapement of income, the assessee was re-assessed on the basis of the audited accounts furnished before the bank.
Citation :
ITA No. 70 of 2017
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ANJANA MURALEEDHARAN
Published in Income Tax
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