Cash credit
This query is : Resolved
04 April 2016
ASSESSEE HAS TAKEN UNSECURED LOAN FROM INDIVIDUALS. ASSESSING AUTHORITY ADDED RS. 10.00 LACS IN TOTAL INCOME IN ASSESSMENT ORDER. ASSESSEE HAS PAID THE TAX DEMAND ARISEN OF THESE AMOUNT. CAN ASSESSEE ADD THESE 10.00LACS IN HIS CAPITAL ON WHICH TAX HAS BEEN PAID OR NOT.
06 April 2016
yes, the monies can be transferred from the unsecured loan to capital account. But the assessee may have to face penalty under section 271(1)(c) and prosecurition 276CC
13 April 2016
ASSESSING OFFICER ISSUED THE NOTICE U/S.271(1)(C), IN RESPONSE NOTICE WE SUBMITTED OUR STATEMENT AND PENALTY PROCEEDING DROPPED. IN THAT CASE RS, 10.00 ON ACCOUNT OF UNSECURED LOAN CAN BE ADDED TO CAPITAL ACCOUNT.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
