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Messages - Mahaganapathi

#1
Hi
Mear not disclosing of assets purchased in the IT return cannot be treated as undisclosed income. An asset would have been purchased from the drawings from the business which are purely personal in nature. take the example of Gold or some deposits made with bank. Only thing is that it should have been purchased from the tax suffered income or from the borrowed funds. If it is purely a personal venture not connected to business the present sale is elegible for all claimes as provided in the ACT