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Income Tax - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Addition of difference in sales – there was no justification in ...

Income Tax

December 23, 2014

Addition of difference in sales – there was no justification in not accepting the sales recorded by the assessee in its books of accounts as per Accounting Standard AS-7 - AT

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

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

  3. Addition on account of income as per TDS certificate - Difference in books of accounts and TDS certificate - addition wholly unwarranted. - AT

  4. Additions on account of difference between the purchase and cost of sales - AO did not point out any defect/discrepancy in books of account - no addition - AT

  5. Assessing Officer was right in making additions towards difference in turnover as per books of account and TDS certificates - AT

  6. Difference of stock - amount of closing stock differ in the books and as per the statement given to the bankers - unaccounted fabrication work - additions confirmed - HC

  7. Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

  8. Addition on difference between balance in account as per the books and the balance as per bank statement - cheques issued but not presented - addition can not be made...

  9. Addition on account of difference in debtors and creditors - AO to grant proper and adequate opportunity as per law, to the assessee to explain the differences in...

  10. Difference in cash as per cash book and physical cash - The assessee made up the cash book later on to present that there was no difference. However, nothing of this...

 

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