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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Addition u/s.68 - opening balance of creditors - liabilities ...

Income Tax

May 26, 2016

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 provisions of the section 68 cannot be applied - AT

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  1. 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.

  2. 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...

  3. Addition u/s 68/41 - old sundry creditors - opening balance of advances for booking and another sundry creditor - there is no ground of appeal raised by the revenue for...

  4. 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...

  5. 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...

  6. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

  7. Addition u/s 68 - old outstanding sundry credit balances - the expression “any previous year” to mean as not referring to all the previous years, but, the previous year...

  8. 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...

  9. Addition u/s 68 - The opening cash balance cannot be said to be any sum found credited in the books of the assessee maintained for the previous year. - AT

  10. Addition u/s 68 - unexplained credits - The provisions of Section 68 of the Act are attracted in case of unexplained credits during the relevant previous year. Since the...

 

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