Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Addition on account of sundry creditors - deemed income u/s ...


Income Addition Confirmed Due to Undelivered Letters u/s 41(1) for 2007-08 and 2008-09 Tax Years.

July 19, 2012

Case Laws     Income Tax     AT

Addition on account of sundry creditors - deemed income u/s 41(1) - no change in the outstanding balance in AY 2007-08 and 2008-09 - letters issued u/s 133(6) were returned undelivered - Addition confirmed - AT

View Source

 


 

You may also like:

  1. The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

  2. Applicability of section 292BB – The new provision is applicable for the assessment year 2008-09 and certainly not applicable for the assessment year under consideration...

  3. The High Court held that the order passed u/s 201(1) and 201(1A) of the Income Tax Act for treating consultancy charges paid to a foreign company as fees for technical...

  4. Additions u/s 41(1) - There cannot be cessation of liability twice - Therefore, when as per Explanation (1) there would be cessation of liability in the FY 2012-13 i.e....

  5. Additions u/s 41(1) - Cessation of liability - Freezer Deposit (security deposit) considered as lapsed liability u/s 41(1) - termination of agreement - The exercise is...

  6. Addition made towards receipt Assignment of Fee - Assessee has withdrawn amount from Escrow account and utilized for its business purpose - Although, there is a timing...

  7. 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...

  8. The CESTAT held: The demand of service tax under 'site formation service' for June 2005 to May 2007 by culling out site formation charges from a composite mining...

  9. Penalty u/s.271(1)(c) or penalty u/s.271AAA - The provisions of Section 271AAA(3) of the Act specifically excludes the provisions of Section 271(1)(c) of the Act for the...

  10. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

  11. The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made by the Assessing Officer u/s 41(1) of the Income Tax Act. The provisions...

  12. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

  13. The gain derived from sale of painting in the assessment year 2007–08 is not taxable as it is personal effect as defined u/s 2(14) - However, insofar as assessment year...

  14. Addition u/s 41(1) or u/s 28 - waiver of working capital loan - In respect of principal amount, though the assessee has gained the benefit by way of one time settlement...

  15. Addition on account of non-genuine creditors u/s 41(1) - scope of section 41(1) - the benefit which he obtains by way of remission or cessation of a trading liability in...

 

Quick Updates:Latest Updates