Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 357 - AT - Income TaxAddition on unexplained money - excess payment of license fee - Held that:- The assessee was following mercantile system of accounting. Thus, as per the consistently followed method of accounting by the assessee, which is mercantile system, only expenditure which has accrued and became due during the year is allowable deduction to the assesse as per section 145 of the Act. Ld A.R. of the assessee has not brought any positive material on record to controvert the findings of lower authorities that ₹ 2,34,256/- being license fee to State Excise was the expenditure for subsequent financial year 2011-12 and not for the year under consideration. Hence, the disallowance made by the Assessing Officer of ₹ 2,34,256/- was fully justified and, therefore, uphold the order of the CIT(A) - Decided against assessee Addition on undisclosed receivables - Held that:- As the assessee could not offer any explanation or furnish any evidence to the contrary therefore, the CIT(A) confirmed the order of the Assessing Officer held that contract receipts of ₹ 2,07,105/- remained to be credited to the bank account of the assessee as at the end of the year, which has not been shown as an asset in the balance sheet. Therefore, he made addition of ₹ 2,07,150/- to the income of the assessee. - Decided against assessee
|