Difference in receipt shown in the Profit & Loss account and as ...

Income Tax

July 25, 2020

Difference in receipt shown in the Profit & Loss account and as per TDS certificate - the facts on record clearly show lack of proper enquiry by the Assessing Officer. It is a well settled legal principle that without making proper enquiry and bringing contrary material on record to falsify assessee‘s claim, the AO cannot make addition purely on conjecture and surmises. - AT

View Source

← Previous Next →

Difference in receipt shown in the Profit & Loss account and as ...

Income Tax

July 25, 2020

You may also like:

Reconciliation of the difference between receipts as per TDS Certificates (26AS) and receipts disclosed by the assessee - the explanation put forth by the assessee in an...

Real estate agent / booking agent - Difference between commission as per TDS certificate and commission as shown in the profit and loss account. - AT

Addition on account of income as per TDS certificate - Difference in books of accounts and TDS certificate - addition wholly unwarranted. - AT

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

Claim of TDS credit - assessee following cash accounting method - TDS certificates shows higher gross receipts then what is shown in the return of income and profit and...

Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

Reopening of assessment - it is a settled law that an assessment could not be reopened only on the basis of difference in TDS certificate and receipts shown in the P&L account - AT

MAT- Minimum alternate tax - where the assessee had shown receipts on account of prior period adjustment on account of income tax refund and reversal of provision of...

Difference in job work income shown in the profit & loss account and income as per form no.26AS - It is settled position of the law that no addition can be made on the...

Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

MAT computation - Disallowances on account of loss on revaluation of fixed assets - The expression 'income defined under Section 2(24) of the Act does not include such...

Estimation of Net profit - difference between the amount shown as turnover by the assessee and as reflected in Form 26AS - only because there is a mismatch between TDS...

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...

Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

Quick Updates: