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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Addition on account of balance-sheet difference - difference ...

Income Tax

April 13, 2016

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

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  1. Difference in method of accounting adopted - EMI method to account the finance charges for the income tax purposes and SOD Method to arrive at balance sheet and profit...

  2. Short-payment of service tax on the basis of difference between the gross taxable value shown in the ST-3 Returns and receipts shown in the Balance Sheet - stay granted partly - AT

  3. 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...

  4. Short payment / delayed payment of service tax - The clerical errors which crept in a few months has resulted in a short-payment - Penalty waived - AT

  5. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  6. Income - receipt of advance payment - due to inadvertence the amount was credited to the accounts of the assessee in the balance-sheet - no addition - 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 account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

  9. Addition u/s 56(2)(viib) - difference between the fair market value (FMV) of the shares and the value actually received - the balance sheet drawn up as on 31/03/2013 was...

  10. Demand based on reconciliation of ST returns with the balance sheet - stay granted - AT

 

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