WHEATHER UNEXPLIANED EXPENSES ARE ALLOWED AGAINST UNEXPLAINED INCOME
11 Replies
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 08 December 2012
Both are taxable..However income once taxed can not be taxed again when expense incurred out of the same can not be explained.
Bhushan Jaju
(Student)
(970 Points)
Replied 08 December 2012
nope the unexplained exps. need to be added to income and same is the treatment of unexplained income subject to penalty
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 08 December 2012
Set off is not allowed against each others.
Durga Prasad
(Trainee)
(392 Points)
Replied 08 December 2012
Unexplained income will be taken as income in your books on which you have to pay tax and
you will not get any credit of unexplained expenses.
SIDDHARTH
(CA)
(30 Points)
Replied 08 December 2012
unexplained expenses means income which application is concealed someway, hence it is a unexplained income
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 08 December 2012
|
agreed
Originally posted by : Durga Prasad |
||
 |
Unexplained income will be taken as income in your books on which you have to pay tax and you will not get any credit of unexplained expenses. |
 |
CA Roshan Jha
(CA (Practice))
(858 Points)
Replied 08 December 2012
| Originally posted by : SIDDHARTH | ||
|
|
you should pay tax and penalty on both. |
|
Agreed with Siddhrath
Pulkesh Mehta
(Chartered Accountant)
(243 Points)
Replied 09 December 2012
In my opinion,if Unexplained Income comes in the purview of Concealed Income ,then against that income expenditure incurred only for that income can be claimed by the assessee.Suppose Assessee has concealed income of Jaipur Shop,if A.O. traced out Jaipur shop's income then expenditure for only jaipur shop can be claimed by assessee,but he is not eligible to claim any unexplained exp. of Delhi shop against income of Jaipur shop.
In any other case,same view of mine also that there is no deduction of Unexplained exp. against unexplained income.
CA Sanjay Bag
(CHARTERED ACCOUNTANT)
(3345 Points)
Replied 10 December 2012
Both are taxable, hence no set off is allowed against each other and you have to pay tax and penalty on both.
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