Addition of outstanding balance of certain creditors – Section ...

Case Laws Income Tax

November 26, 2014

Addition of outstanding balance of certain creditors – Section 68 is not applicable in the present case the outstanding amounts in the books of account of the assessee related to business transactions of the assessee - AT

View Source

← Previous Next →

Addition of outstanding balance of certain creditors – Section ...

Case Laws Income Tax

November 26, 2014

You may also like:

Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

Addition u/s 56(2)(vii) - relevant Section 50C cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a...

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

Addition u/s 69 - undisclosed foreign bank account - addition being the peak balance - Matter remanded back to AO for adjudication of the issue afresh stating that the...

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...

Classification of goods - Poly Propylene Non-Woven Bags - the product in question in above case (reliedupon case of apex court) viz. dryer felts is made from cotton and...

Addition on difference between balance in account as per the books and the balance as per bank statement - cheques issued but not presented - addition can not be made...

Procedure relating to sanction, post-audit and review of refund claims - Guidelines issued to ensure uniformity in issuance of speaking order for refund - Details...

Addition made of the closing balance of the sundry creditors - when the purchases from the parties were accepted and the sales made out of those purchases were not...

Accrual of income - Addition made to the income of the assessee received by the assessee from “JDS” and its associates, treated as own income of the assessee - Despite...

Unexplained cash credit - Addition u/s 68 - Since the assessment was becoming time barred, the AO has passed the impugned Assessment Order in a hurried manner even...

Entitlement of deduction of freight - freight in the sale bill charged separately - part of sale price or not - since the Tribunal made a factual error as regards the...

Unexplained Income - addition u/s 68 - Receipt of share application money from group companies - group companies invest in each other - Double additions - In this case...

Investment in purchase of property - addition on basis of valuation report of DVO u/s 142A - The provisions of section 142A of the Act are applicable only when the...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Quick Updates: