Reassessment initiated on the basis of audit objection justified as AO failed to taxed interest income

Reassessment initiated on the basis of audit objection justified as AO failed to taxed interest income

July 22, 2020
INCOME TAX : Where Assessing Officer worked out profit on basis of contract/sub-contract income but failed to add interest income shown in books as other income, subsequently, on basis of audit objection, Assessing Officer was justified in invoked section 147/148 and reassessing 'interest income'

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