Home Highlights September 2012 Year 2012 This

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1. 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...

2. 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...

3. Additions on the ground of Bogus sundry creditors - since for the earlier years, assessee had opted for presumptive taxation under section 44D of the Act and therefore,...

4. Addition u/s 41(1) - additions towards sundry creditors as bogus - AO made the disallowance in question holding that the assessee had made payments in cash to 24 parties....

5. 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...

6. Legality of order passed U/s 147 - addition on account of alleged unexplained sundry creditors - AO should have collected the information from the creditors directly to...

7. Allowability of the interest paid to the partner by the assessee firm calculating on the opening balance of the capital account of the partner without considering the...

8. 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...

9. Levy of penalty - Petitioners having opened the FCRA account belatedly - No coercive steps shall be taken against the Petitioners for having opened the FCRA account...

10. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

11. Addition on account of difference in debtors and creditors - AO to grant proper and adequate opportunity as per law, to the assessee to explain the differences in...

12. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

13. 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.

14. Cessation of liability - Additions u/s 41(1) - Unsecured loans received on account of transfer entry made through banking channel - Sundry creditors for more than 4...

15. Addition u/s 41(1) - long outstanding balances in sundry creditors accounts - AO made the additions, since the assessee has not shown any steps have been taken for...