GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2016 (4) TMI 638 - PATNA HIGH COURT

2016 (4) TMI 638 - PATNA HIGH COURT - TMI - Cash credit entry - addition on liability towards the suppliers - Held that:- The Assessing Officer has accepted purchases of ₹ 1,09,67,551/- out of which ₹ 1,00,49,705/- stood paid during the relevant assessment year. Therefore, the remaining amount is a liability which the assessee has to discharge, which he discharged in the next financial year. How the said amount can be treated to be a cash credit entry after the purchase amount accept .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

- as cash credit entry is not sustainable. Consequently said finding is set aside and the question of law is answered in negative and in favour of the assessee and against the Revenue. - Misc. Appeal No. 25 of 2008 - Dated:- 16-3-2016 - Hemant Gupta And Ramesh Kumar Datta, JJ. For the Petitioner : Dr. R. Usha, Adv. and Mrs. Sabita Kumari, Adv. For the Respondent : Mr. Rishi Raj Sinha, Adv. Mrs. Archana Prasad, Adv. JUDGMENT ( Per: Honourable Mr. Justice Hemant Gupta ) Heard learned counsel for t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tted by Ircon International Limited on sub-contract basis declaring income of ₹ 7,77,990/-. The Assessing Officer after going through the balance-sheet found that a sum of ₹ 9,17,846/- was outstanding in the liability side of 15 sundry creditors. These sundry creditors were the suppliers of stone chips and red sand. The assessee claimed that in the balance-sheet an amount of ₹ 9,17,846/- has been shown to be outstanding in the liability side of 15 sundry creditors. Such credito .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on the facts and in the circumstances of the case the Tribunal was justified in not allowing a sum of ₹ 9,17,846/- outstanding credit assessed in the income at the hands of the Appellant". 5. Learned counsel for the appellant vehemently argued that the Assessing Officer has accepted the purchases of ₹ 1,09,67,551/- out of which an amount of ₹ 1,00,49,705/- was paid during the relevant Assessment Year. The sum of ₹ 9,17,846/- was the balance due amount. The said amou .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

igh Court reported as Commissioner of Income-tax Vs. Pancham Dass Jain (2007) 196 Taxation 569 (All.) to contend that having accepted the purchases and sales, the provisions of Section 68 of the Act could not be attracted. The Court said to the following effect: "He submitted that as the respondent-assessee was unable to produce the alleged creditors the provisions of section 68 of the Act was squarely attracted in the present case and the assessing authority has rightly added the two amoun .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Advanced Search


Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

21-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version