Sale figure shown in books of accounts is not bogus Sale
1. In this reference made by the Income Tax Appellate Tribunal, on a reference application filed by the assessee before it, the solitary question which is referred for our consideration, reads as follows:
“Whether on the facts and in the circumstances of the case, the Tribunal was correct in holding that the onus was on the assessee to establish the source of receipt of the amounts aggregating Rs. 3 lakhs shown to have been received as sales proceeds from M/s Sandeep Wire Industries and in upholding its assessment as assessee’s income from the undisclosed sources?”
2. The only fact which needs to be taken note of to answer this question is that the assessee had, in the report filed by it, shown the sale of goods aggregating to Rs. 3 lacs to one M/s Sandeep Wire Industries and an amount of Rs. 3 lacs received against those sales. The Assessing Officer after making enquiries found that there was no such entity named M/s Sandeep Wire Industries and, therefore, did not accept the aforesaid transaction as ‘sale’. Instead, the amount of Rs. 3 lacs received in the books of account was treated as income from undisclosed sources and added to the income of the assessee. Assessee’s appeal before the CIT(A) as well as ITAT failed.
Below is the link to read further
You May Also Refer:
- ICAI donates Rs 21 Crores to PM CARES Fund | Government Congratulates
- Who is liable to deduct Tax at Source (TDS) | Who is liable to deduct TDS
- Whether Provisions of Section 68 are applicable in case of sales receipt shown in trading and profit and loss account?
- Webinar on Deeming Fiction in Income Tax Act by CA. Adv. Kapil Goel
- Understated Sale Value of Agricultural Land to avoid payment of Stamp Duty taxable
- Penalty leviable when revised ITR is filed after issuance of notice
The post Sale figure shown in books of accounts is not bogus Sale appeared first on Studycafe.
from Studycafe https://ift.tt/2z4N5YL
No comments:
Post a Comment