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Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Addition on account of sundry creditors – Cash system of ...

Income Tax

June 20, 2014

Addition on account of sundry creditors – Cash system of accounting – it would be inappropriate to treat the entire advance as fees in the year of its receipt when it does not bear any particular characteristic - AT

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  1. IT - Cash system of accounting, merely because Sundry Creditors are shown in the balance sheet, AO is not justified to reject books of accounts.

  2. Addition on account of section 68 - Unexplained sundry creditors - adoption of 1% Net profit on the turnover for various assessment years will be reasonable and will...

  3. Mercantile system, Advance receipt of Fees, Service to be rendered in next year, Tax cannot be levied in the year of receipt, get support from AS 9 of ICAI, HC

  4. Disallowance of licence fee - Issue of cash system/mercantile system of accounting is not having any impact on the issue under consideration because the amount of...

  5. Addition u/s 68 - Unexplained cash advances received from various customers - trade advances given by the creditors/customers were found to be adjusted against the sale...

  6. Addition u/s. 41 (1) or u/s 68 - no reply by sundry creditors u/s 133(6) - AO has accepted purchases as genuine and the amount outstanding in the name of sundry...

  7. Addition u/s 41(1) - outstanding balances of sundry creditors and other liabilities - Unconfirmed bill, advance from customers and sundry creditors which are static...

  8. Addition as amount paid to Sundry creditors - a half baked enquiry has resulted in an erroneous order passed by the CIT(A).

  9. Addition u/s 68 - outstanding sundry creditors - the said sundry creditors were paid in the subsequent year through banking channels and that the assessee has had...

  10. Addition u/s 68/41 - old sundry creditors - opening balance of advances for booking and another sundry creditor - there is no ground of appeal raised by the revenue for...

 

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