opening balances addition u/s 68

  • Income Tax

Bogus purchases addition whether as cash credits u/s 68 or u/s 41(1) as cessation of liability

Addition for bogus purchases as unexplained cash credits whether u/s 68 or u/s 41(1) as cessation of liability? No additions…

4 years ago
  • Income Tax

Section 68 not applicable to liabilities representing old opening balances. Assessee’s Consent / acceptance do not give jurisdiction/right to make addition

In a recent judgment, ITAT Chennai has stated that consent/acceptance given by assessee could not give jurisdiction and a right to the assessing…

8 years ago