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TMI BlogCase law - Opening balancesX X X X Extracts X X X X X X X X Extracts X X X X ..... Whether the ITO can add opening balance in the books stating the loans received in preceding years were not genuine? In the process in addition to adding the opening balances he has disallowed the interest credited in those accounts. whether there is any case law in support of the assessee? - Reply By Dinesh Gupta - The Reply = I think the action of ITO is incorrect. Loan amount received or paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in a particular financial year can be allowed or disallowed in the same financial year / assessment year only. Therefore, ITO should initiate the proceedings u/s 148 / 147 . Same view is applicable on Interest portion. If the basic amount can not be disallowed, the interest portion also should not be disallowed. - Reply By B Tayub - The Reply = Whether there is any case law in support of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... views expressed by Mr. Dinesh Gupta? - Reply By Rama Krishana - The Reply = I think, the issue must be tried to solve within the parameters of statutory provisions of law. You must ask the ITO to provide the details of statutory provision/s which empowers him to add the bogus entries of one year with the income of different year. If the action of the ITO is held as justified, than the period of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imitation of re-assessment u/s 148 / 149 would become infructuous. - Case law - Opening balances - Query Started By: - B Tayub Dated:- 13-3-2009 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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