ITAT Bangalore Decides: Can the Differential Amount Between the Bank Deposit and the Profit and Loss Account be Treated as Undisclosed Income?

Case name: Avalappa Gopal v. ITOForum: Bangalore ITATMember: Chandra Poojari Background The AO observed on comparison of assessee’s bank statement with the Profit and Loss account furnished by the assessee that there is a difference of around INR 15.56 lakhs between the two. The AO, thus, treated the same as undisclosed income of the assessee. … Continue reading ITAT Bangalore Decides: Can the Differential Amount Between the Bank Deposit and the Profit and Loss Account be Treated as Undisclosed Income?