Wastage Disallowed
This query is : Resolved
12 November 2008
We have our Assessment going on. On following Two subject I need Best Judgement from High Court , Supreme Court or Tribunal.
1. Some of The Loan Creditors, who are relatives to us, does not have PAN No. We have received all loans through A/c payee Cheque. Asseing office wants to Add all the Loan amount to our Income.
2. Wastage During The Manufacturing process is higher due to implementation of New Machinery and process, A.O. wants to take Wastage as per Previous Year and Add the Amount.
1. Some of The Loan Creditors, who are relatives to us, does not have PAN No. We have received all loans through A/c payee Cheque. Asseing office wants to Add all the Loan amount to our Income.
2. Wastage During The Manufacturing process is higher due to implementation of New Machinery and process, A.O. wants to take Wastage as per Previous Year and Add the Amount.
12 November 2008
If the creditors confirm the loans, the AO can not take that stand.
He can not if you prove with documents wastages did occur.
He can not if you prove with documents wastages did occur.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- 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
Trending Online Classes
CAclubindia
