Concealment of income
This query is : Resolved
26 May 2012
Is unavailability of travelling expense bills concealment of income?
26 May 2012
Please reply
27 May 2012
No. Never. It will only be subject to disallowance.
27 May 2012
You have to explain to the officials , that for so and so reason the proper supporting is not available !!!!!
If assessee is not able to explain then AO can treat it as concealment.
If assessee is not able to explain then AO can treat it as concealment.
30 May 2012
Disallowance of expenditure cannot be treated as income unless positive proof is in the hands of the Revenue. It has been held by the Supreme Court in the case of Reliance Petroproducts Ltd that mere disallowance of expenditure can not be treated as concealment under section 271(1)(c)
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