Additions of Interest
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.
I will be thankful to you if you provide some Judgements, which can help me to fight the case.
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.
I will be thankful to you if you provide some Judgements, which can help me to fight the case.
Ram Avtar Singh
(Expert)
12 November 2008
You can see earlier discussed in forum by this link
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=42781
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=42781
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.
I will be thankful to you if you provide some Judgements, which can help me to fight the case.
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.
I will be thankful to you if you provide some Judgements, which can help me to fight the case.
S.Srinivasaraghavan
(Expert)
13 November 2008
If there is proof (let us say confirmation) the AO can not make addition.
If documentary proof exists for wastages the AO can not ignore that.
If documentary proof exists for wastages the AO can not ignore that.
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