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.
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