Home Highlights December 2018 Year 2018 This

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1. Addition u/s. 41 (1) or u/s 68 - no reply by sundry creditors u/s 133(6) - AO has accepted purchases as genuine and the amount outstanding in the name of sundry...

2. The ITAT Kolkata held that the addition on a protective basis made by the Assessing Officer in the hands of the assessee, concerning a loan received from a director and...

3. Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

4. Addition u/s 41(1) - outstanding balances of sundry creditors and other liabilities - Unconfirmed bill, advance from customers and sundry creditors which are static...

5. Addition u/s 68 - outstanding sundry creditors - the said sundry creditors were paid in the subsequent year through banking channels and that the assessee has had...

6. Addition u/s 68 - Unexplained sundry creditors - CIT(A) deleted the additions - if we presume that the basis adopted by the CIT(A) is correct then also the nature and...

7. Addition u/s. 41(1) - bogus creditors - cessation of liability in case of outstanding of above sundry creditors - the given facts and circumstances suggests that the...

8. Legality of order passed U/s 147 - addition on account of alleged unexplained sundry creditors - AO should have collected the information from the creditors directly to...

9. Addition u/s 41(1) - sundry creditors pending for more than three years - AO neither made any enquiry or brought any material on record to demonstrate that the liability...

10. Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

11. Additions u/s 41(1) - cessation of liability - there cannot be any automatic set off of the amounts relating to amounts payable to sundry creditors against the amount...

12. Addition u/s 68/41 - old sundry creditors - opening balance of advances for booking and another sundry creditor - there is no ground of appeal raised by the revenue for...

13. Addition u/s 41(1) - proof of seizure of Sundry Creditors - except making the averments to the effect that these Sundry Creditors were paid, no documentary proof thereof...

14. Genuineness of the purchases and total cost incurred towards the construction - on the basis of such half baked facts addition cannot be made on mere presumption and surmises.

15. Revision u/s 263 - Order of the AO in respect of unsecured loans, sundry creditors/liabilities and sundry debtors accepted by the AO is erroneous and prejudicial to the...