Daily digest for Gupta Chandan & Associates, on May 13, 2022

posted: "INCOME TAX : Where assessee incurred loss in trading of cotton cloth and explained that loss was because it posted sale bill of cotton cloth in raw cotton account, however, Assessing officer made additions to income of assessee on ground that assessee fai" ITAT deleted additions as loss appearing in books of account was due to wrong posting in sales account May 13 INCOME TAX : Where assessee incurred loss in trading of cotton cloth and explained that loss was because it posted sale bill of cotton cloth in raw cotton account, however, Assessing officer made additions to income of assessee on ground that assessee failed to explain claim of wrongly classified sale of cotton cloth,INCOME TAX : […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/itat-deleted-additions-as-loss-appearing-in-books-of-account-was-due-to-wrong-posting-in-sales-account/ Powered by Jetpack

posted: "INCOME TAX : Where Assessing Officer having found that value of stock shown by assessee in stock statement as on 28-3-2005 submitted to bank was far in excess to value of stock shown in audit report for period ending 31-3-2005 and assessee could not expla" Value of stock submitted with bank in excess of what is reported in books to be held as unexplained investment: HC May 13 INCOME TAX : Where Assessing Officer having found that value of stock shown by assessee in stock statement as on 28-3-2005 submitted to bank was far in excess to value of stock shown in audit report for period ending 31-3-2005 and assessee could not explain reasons therefor,INCOME TAX : Where Assessing Officer having found that […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/value-of-stock-submitted-with-bank-in-excess-of-what-is-reported-in-books-to-be-held-as-unexplained-investment-hc/ Powered by Jetpack