Undisclosed current asset - the impugned addition was part of ...

Income Tax

February 8, 2017

Undisclosed current asset - the impugned addition was part of gross receipt and as shown income in the profit and loss account, thus, it can not become an addition again bringing the same for taxation for not following the principles of accountancy - AT

View Source

← Previous Next →

Undisclosed current asset - the impugned addition was part of ...

Income Tax

February 8, 2017

You may also like:

Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

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

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

Undisclosed income - addition on the basis of amount reflected in Form No.26AS - No dispute with regard to the fact that the AO taxed the entire difference of receipts -...

Revision u/s 263 - There was no enquiries raised by the AO about the mismatch in the amount of gross receipts shown by the assessee viz a viz reported in the form 26AS...

Expenses on purchase on new items - Acquisition of new assets for replacement of existing assets as current repairs - 10% of items listed by the AO are held to be of capital - AT

Valuation of service - Addition of price of electricity - cannot be considered as part of the gross amount charged for the service of operation of the plant - AT

Undisclosed Income - unable to accept that payment of Advance Tax based on “current income” involves the disclosure of “total income” - SC

Bogus purchases - Since the corresponding sales have been accepted and the assessee had shown reasonable gross profit on sale, therefore, confirming the addition to the...

Revision u/s 263 by CIT - advance gross receipt and the interest receipt - The decision of the AO to allow / accept the advance fees as current liability cannot be...

Quick Updates: