Whether remuneration can be claimed as expense against unexplained moneys found during survey
Please cite case laws
Thank You.
2 Replies
Bhavik Damani
(Student)
(67 Points)
Replied 22 December 2010
your question is not clear. can you explain with illustration?
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 23 December 2010
If the income declared in survey which took place on 23-12-2010 and assessee declares Rs 5.00 lac income in respect to the FY 2010-11.
It is going to form part of the book profit and such in the return of AY 2011-12 remuneration can be claimed by complying the requisites of Section 40(b)(v)l
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