[aaykarbhavan] Discrepancies in book of accounts should cause addition to income of assessee and not its rejection

Discrepancies in book of accounts should cause addition to income of assessee and not its rejection

May 5, 2015[2015] 56 taxmann.com 388 (Mumbai - Trib.)

IT : Where in case of assessee engaged in business of readymade garments, liability towards creditors remained in existence for a long time and, moreover, assessee failed to establish genuineness of those liabilities by producing supporting evidence, addition made by authorities below under section 41(1) was to be confirmed

IT : In case of carried forward credit, provisions of section 68 cannot be applied

IT : Once books of account of assessee are produced before lower authorities and if there is certain discrepancy, authorities are free to make addition to said extent of discrepancies, however, in such a case, rejection of books of account is not justified

 

Regards

Prarthana Jalan

__._,_.___

---

Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

---

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Visit Your Group

• Privacy • Unsubscribe • Terms of Use