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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Addition u/s 68 - Opening balance of cash creditor cannot be ...

Income Tax

April 26, 2016

Addition u/s 68 - Opening balance of cash creditor cannot be added in the year under consideration U/s 68 of the Act. No Penalty u/s 271(1)(c) levied - AT

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  1. Unexplained opening balance – The opening balance of cash cannot be treated as unexplained in the assessment year - AT

  2. Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

  3. Unexplained cash deposits - addition u/s 68 - Merely because the creditor did not respond to the notice, no adverse inference can be taken with regard to the...

  4. Addition made u/s 68 - availability of opening capital balance cannot be discounted altogether - it may not be proper to altogether reject the claim of savings from past...

  5. Deletion made u/s 68 of the Act – Unexplained sundry creditors – opening balances which could be verified from the books of accounts of the assessee cannot be added in...

  6. 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...

  7. Addition u/s 69A - unexplained cash deposit - CIT(A) when recorded that without borrowing or having opening cash balance, there is no way the cash deposits for the...

  8. Addition u/s.68 - opening balance of creditors - liabilities which were not credited in the previous year relevant to the assessment year under consideration, the...

  9. Addition of trade creditors u/s 68 - unexplained cash credits - AO cannot blow hot and cold at the same time for the reason he has made twin additions out of the trading...

  10. 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...

 

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