Home Highlights November 2013 Year 2013 This

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1. Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

2. Addition u/s 41(1) - long outstanding balances in sundry creditors accounts - AO made the additions, since the assessee has not shown any steps have been taken for...

3. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

4. Addition under sec.41(1) on account of cessation of liability - assessee has no explanation to prove that the creditors in its books of account are genuine - additions...

5. Difference in method of accounting adopted - EMI method to account the finance charges for the income tax purposes and SOD Method to arrive at balance sheet and profit...

6. Special Economic Zones (2nd Amendment) Rules, 2018 - Sub-Contracting - Rule 41 amended.

7. Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

8. Addition u/s 41(1) - cessation of liability - In light of the precedent set forth in Sugauli Sugar Works, wherein the Supreme Court clarified that the mere lapse of time...

9. Addition under Section 41(1) - The loan transactions were on the capital account and the writing off the loan was also on capital account and did not find place in the...

10. Chit Funds - Addition u/s 41(1) - ceasation of liability - Defaulted subscription - addition on account of chit lien which was not actually disbursed to the defaulters...

11. Special audit u/s 142(2A) - satisfaction - The question of complexity of accounts has to be judged applying the yardstick or test; whether the accounts would be complex...

12. Addition u/s 41(1) - Cessation of liability for sundry creditors - assessee failed to prove the credit balance of these two parties - Assessee has duly acknowledged its...

13. Addition on account of cessation of liability of unsecured loan - assessee was not having trading liability u/s 41(1) of the Act - No additions - AT

14. Addition u/s 41(1) on account of presumed remission of liability - unless there is a cessation of liability, income cannot be added as per the provisions of Section 41(1) - AT

15. Addition u/s 41(1) - Once the AO has allowed the assessee’s corresponding material purchases claim in the revenue account as a regular head of expenditure, the same very...