Register Price / Packages DEMO Option My Bookmarks Daily Newsletters Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    Penalty u/s. 270A - Under-reporting of income /...     TaxTMI    Exemption u/s 11 - assessee has not e-filed or not...     TaxTMI    Taxable supply or not - Entry fee collected from...     TaxTMI    Extinguishment of liability as per order of NCLT -...     TaxTMI    Violation of principles of natural justice -cryptic...     TaxTMI    Determination of time limit for filing of Appeal...     TaxTMI    Scope of SCN - impugned order proceeds on a...     TaxTMI    Penalty levied u/s 271(1)(c) - Transfer pricing...     TaxTMI    Seeking cancellation of the GST registration - The...     TaxTMI    Eligibility for Input Tax Credit - Failure to...     TaxTMI    Levy of penalty @200% - e-way bill which was...     TaxTMI    Levy of interest and penalty - transition of amount...     TaxTMI    Validity of assessment order - non-speaking...     TaxTMI    Benefit of exemption from GST - educational...     TaxTMI    Levy of maximum penalty - penalty imposed on the...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Addition on account of sale of scrap out of books - unexplained ...

Income Tax

October 25, 2018

Addition on account of sale of scrap out of books - unexplained sale - in all the years assessee has been generated unaccounted cash from the scrap sales outside books, then based on same ratio such unaccounted cash has to be treated as unexplained.

View Source

 

← Previous Next →

 

You may also like:

  1. Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...

  2. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

  3. Amount which was credited in books of accounts of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year.

  4. Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

  5. Unexplained Credit – Addition u/s 68 - Additin where fixed deposits taken during the earlier years - fixed deposits renewed during the year - No addition during the...

  6. Addition u/s 69C – Unexplained expenditure - only because parties has given a different accounting treatment in its books of account, it cannot be said that the assessee...

  7. Addition of difference in sales – there was no justification in not accepting the sales recorded by the assessee in its books of accounts as per Accounting Standard AS-7 - AT

  8. Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

  9. Unexplained deposits in the bank - sale of land - Affidavit of assessee is a self serving document, therefore, on the basis of affidavit, the additions made by the AO...

  10. Obsolete Stores/Stock - the assessee was following mercantile system of accounting and hence, scrap value had to be considered in the present year itself and it could...

 

Quick Updates:Latest Updates

What's New:
    Latest Case Laws
What's New:
    Latest Notifications
What's New:
    Latest Circulars
F: INQUIRY BY THE APPELLATE AUTHORITY
H: Applicable rate of tax (GST) - Classification of goods - mango pulp su...
H: Exemption from GST - pure services or supply of goods to the Notified ...
H: Interest Liability on Electronic Credit Ledger Payments - Seeking levy...
H: Recovery of short paid duty alongwith interest and penalty - The petit...
H: Validity of assessment order - reply to the ASTM-10 notice was not tak...
H: Refund of the unutilized ITC of GST Compensation Cess on coal - zero r...
H: Classification of the mixed spices - classification accepted under the...
H: Imposition of GST on vouchers - The petitioner, involved in managing c...
H: Validity of assessment order - The High Court opined that the challeng...
H: Refund claim - determination of the turn over for the purpose of refun...
H: Grant of Regular Bail - In a case where the State sought to challenge ...
H: Delay in filing the appeal - Time Limitation - petition delayed for al...
H: Cancellation of GST registration of the petitioner - The High Court ex...
H: Availing and utilization of Input Tax Credit - The applicant had initi...
F: Penalty under Section 73(1) of CGST Act, 2017
H: Addition u/s 68 - unexplained share application money - genuineness an...
F: Refund of IGST Charged and collected from Foreign Customer on Export o...
F: sales Against 0.1% GST- if export not done within 90 Days
F: PAYMENT TO CINE OR TV ARTISTS. LIABILITY UNDER RCM
A: Collection of Entry Fee from visitors for Temple Hall Exempt under GST
A: State-wise Professional Tax Payment Deadlines in India: A Comprehensiv...
A: Low tax effect in pending appeals- The administrative role to withdraw...
C: Clarification on the applicability of 3% amount on account of non-achi...
C: Suspension of inoperative SIONs
N: Amendment in the Export policy of Onions
N: Seeks to amend specified customs tariff notifications to exempt applic...
A: How to become a crorepati via SIP
C: Master Direction – Risk Management and Inter-Bank Dealings: Amendments
A: Roving Judgements!