A co. can prepare two set of accounts on Cash System & ...

Companies Can Use Both Cash and Mercantile Accounting Systems; Section 209 Companies Act Doesn't Override Section 145 Income Tax Act.

September 22, 2011

Case Laws Income Tax AT

A co. can prepare two set of accounts on Cash System & Mercantile System of Accounting, S.. 209 of Co. Act not overriding to the provi.of S.145 of IT Act

View Source

← Previous Next →

A co. can prepare two set of accounts on Cash System & ...

Companies Can Use Both Cash and Mercantile Accounting Systems; Section 209 Companies Act Doesn't Override Section 145 Income Tax Act.

September 22, 2011

Case Laws Income Tax AT

You may also like:

Addition on account of cash deposits in personal saving bank account of the shareholder of the company - source of cash deposits are duly explained and same pertained to...

Method of accounting – the assessee had right to adopt the changed system of accounting and by changing the system of accounting from mercantile to cash was a bona fide change - AT

Method of accounting - mercantile system of accounting for one project and cash basis for another project - The assessee cannot choose to follow mercantile system for...

Provisional attachment of other accounts of petitioner alongwith the cash credit account - As the PAN Card number is common, no sooner the authority concerned instructed...

MAT computation - Book profit u/s 115JB - once the accounts of the company have been scrutinized and certified by statutory auditors and approved by the Company in...

Provision for future liabilities (expenses) - whether allowable - mercantile basis of accounting - held yes - HC

The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales,...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Interest income - system of accounting - The assessee is not permitted to use mixed or hybrid system of accounting under which some items of income / expenditure are...

Method of accounting - according to the Revenue, in respect of all the activities of the assessee, the accounting of income and expenditure should be under the same...

Method of Accounting - Assessee switch over from the cash system to the mercantile system of accounting - assessee had to follow the mercantile system and during the...

Cash deposits in bank account as unexplained cash deposits - cash deposits pertained to assessee's retail business - Since the assessee has not maintained any books of...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Addition u/s 69A - cash balance on account of withdrawal from different bank accounts - The mere fact of holding cash for a longer period was not a sufficient ground for...

Addition on account of unexplained money u/s 69A - unaccounted cash - When the cash is found with an assessee, it is the duty of the assessee to prove the source of such...

Quick Updates: