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Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Unapproved sundry creditors - credit purchases are nothing but ...

Income Tax

July 1, 2015

Unapproved sundry creditors - credit purchases are nothing but expenditure and if sundry credits are not proved by the assessee addition can be made by the assessing officer by resorting to section 69C - HC

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  1. Credit purchases are nothing but expenditure and if sundry credits are not proved by the assessee addition can be made by the AO by resorting to section 69C - HC

  2. Estimation of income - additions towards unapproved creditors - once income is estimated, no additions can be made towards trade creditors which is arised out of such...

  3. Bogus purchases - Disallowance of expenditure regarding sundry creditors - AO was adding amounts on the basis of then un-reconciled differences which is violation of the...

  4. Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

  5. Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

  6. Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

  7. 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...

  8. Denial of input tax credit - cancellation of the few traders with retrospective effect - failure to prove the actual purchase of the goods - credit was rightly denied - HC

  9. Ad-hoc disallowance of 20% of the creditor value – there is no provision in the Act to disallow 20% out of sundry creditors. - AT

  10. Addition towards payment made to credit card company - since the assessee had not claimed any expenditure, the question of proving whether it was for the purpose of...

 

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