Can s.68 be applied on amount received from Sundry Debtor

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..... Can s.68 be applied on amount received from Sundry Debtor
Query (Issue) Started By: - ROHIT GOEL Dated:- 30-4-2018 Last Reply Date:- 1-5-2018 Income Tax
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Income Tax
Assessee ma .....

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..... king sales to a customer and a sum of ₹ 50,000/- is appearing as debtor in books against sales. Customer making payment through DD amounting ₹ 30,000/- which was credited in the account of .....

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..... Debtor resulting a debit balance of ₹ 20,000/-. Lateron, AO doubt the genuineness of debtor on the ground that debtor is a suspicious trader or debtor was involved in providing accomodation ent .....

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..... ries. Can such credit which is already recognised as Income be taken as Income u/s 68 and leading to charge u/s 115BBE. In continuation whether s.68 is applicable on Credit Entries at any point durin .....

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..... g the year i.e. liability items of balance sheet or also applicable to profit and loss item like sales or other revenue in profit and loss account. Please try to answer ignoring the amendment in s.11 .....

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..... 5BBE w.e.f. 1-4-2016. Any case law to support your opinion Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Whether the assessee explained the credit to the Assessing Officer?
Discussion Forum - .....

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..... Knowledge Sharing .....

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