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Income Tax - Highlights / Catch Notes

Home Highlights February 2012 Year 2012 This

Unexplained credits – difference in bank balance as per books of ...

Income Tax

February 7, 2012

Unexplained credits – difference in bank balance as per books of accounts vs bank balance as per bank statement treated as unexplained credit – there is no basis whatsoever for making any addition under these circumstances u/s.68 of the Act.... - AT

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  1. 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...

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

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

  4. Unexplained cash credit - the balance cash was appearing in the books, itself is sufficient evidence to show that it stood explained - AT

  5. Addition u/s.69 - difference of cash balance in the bank account as per books of account and as per the bank statement - once the books of accounts of the assessee are...

  6. 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...

  7. Additions cannot be made u/s 69C of the Act, as unexplained expenditure, towards difference between purchase price found in loose slips and amount recorded in books of account - AT

  8. Addition on account of balance-sheet difference - difference crept out of the balance-sheet item does not result as understatement of income.- AT

  9. Unexplained investment under section 69 - assessee could not reconcile the difference between purchases as debited in the trading account and purchases as per TCS...

  10. Unexplained cash credit u/s 68 - unexplained cash deposit in the bank account during post-demonetization period - Even otherwise the ld. AO should have appreciated that...

 

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