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Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Addition of Opening Excess Cash - There is no absolute rule that ...

Income Tax

September 18, 2013

Addition of Opening Excess Cash - There is no absolute rule that the opening balance of a year only has to be taken as a gospel truth even when it is due to mistaken accountancy - AT

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  4. Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

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  6. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

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  8. Unaccounted opening cash balance - In the Balance sheet the cash balance and sundry creditor is shown at NIL figure - in the light of the reason given by the assessee...

  9. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

  10. Addition made u/s 68 - availability of opening capital balance cannot be discounted altogether - it may not be proper to altogether reject the claim of savings from past...

 

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