Addition u/s 41(1) - outstanding balances of sundry creditors ...

Income Tax Act Section 41(1) Enforced: Sundry Creditors' Outstanding Balances Confirmed Without Taxpayer's Explanation or Confirmation.

March 15, 2023

Case Laws Income Tax AT

Addition u/s 41(1) - outstanding balances of sundry creditors and other liabilities - Unconfirmed bill, advance from customers and sundry creditors which are static creditors were there for which the assessee could not provide any confirmation or explanation - Additions confirmed - AT

View Source

← Previous Next →

Addition u/s 41(1) - outstanding balances of sundry creditors ...

Income Tax Act Section 41(1) Enforced: Sundry Creditors' Outstanding Balances Confirmed Without Taxpayer's Explanation or Confirmation.

March 15, 2023

Case Laws Income Tax AT

You may also like:

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...

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...

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...

The assessee company had shown the liability as outstanding amounts payable to three disputed creditors in its balance sheet as of 31.03.2015. The assessee provided...

Addition u/s. 41 (1) or u/s 68 - no reply by sundry creditors u/s 133(6) - AO has accepted purchases as genuine and the amount outstanding in the name of sundry...

Addition u/s. 41(1) - bogus creditors - cessation of liability in case of outstanding of above sundry creditors - the given facts and circumstances suggests that the...

Addition on account of sundry creditors - deemed income u/s 41(1) - no change in the outstanding balance in AY 2007-08 and 2008-09 - letters issued u/s 133(6) were...

Outstanding creditors - cessation/ remission of liability u/s 41(1) - no amount stands paid to the creditors – they were introducing their own money - additions confirmed.

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Prohibitory order - Order prohibiting creditors to make payment - Recovery of tax u/s 220(1) - HC

Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove...

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

The assessee, a shipping company under the Tonnage Tax Scheme, had declared certain incomes like sundry credit balances written back, excess provisions written back,...

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

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...

Quick Updates: