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Income Tax - Highlights / Catch Notes

Home Highlights October 2013 Year 2013 This

Addition on the basis of inflated stock statement submitted to ...

Income Tax

October 9, 2013

Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

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  1. Additions u/s 69B - stock statement submitted to the banks cannot be considered as true and correct - no additions could be made - AT

  2. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

  3. Difference in stock submitted to bank and income tax department -addition based on stock statement submitted to Bank is not sustainable - AT

  4. Addition on account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

  5. Difference in value of stock as per stock statement submitted to bank and stocks as per books - additions deleted - HC

  6. Addition u/s 69/115BBE - unexplained money on the basis of difference in stock statement submitted to the lender bank - When no defect is found with the accounts of the...

  7. Addition made – only on account of inflated statements furnished to the banking authorities for the purpose of availing of larger credit facilities, no addition can be made - HC

  8. Undisclosed income u/s 69B - stock submitted to the bank - Such a tendency tantamount to commercial immorality for obtaining unjustified gains in the form of higher...

  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 on account of undervaluation of closing stock - difference in the stock statement given by the assessee to State Bank of India and as recorded in the books of...

 

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