Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Addition made of the closing balance of the sundry creditors - ...

Income Tax

October 28, 2015

Addition made of the closing balance of the sundry creditors - when the purchases from the parties were accepted and the sales made out of those purchases were not doubted, the payments outstanding in the name of those parties were accepted in the subsequent year than there was no reason to doubt the genuineness of the outstanding balance - AT

View Source

 


 

You may also like:

  1. 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...

  2. Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

  3. 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...

  4. Addition u/s 41(1) - Cessation of liability for sundry creditors - assessee failed to prove the credit balance of these two parties - Assessee has duly acknowledged its...

  5. Addition u/s 41(1) - additions towards sundry creditors as bogus - AO made the disallowance in question holding that the assessee had made payments in cash to 24 parties....

  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 on account of bogus creditors - non-producing the parties in person - When the purchases from the parties were accepted and the sales made out of those...

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

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

 

Quick Updates:Latest Updates