banner_ad

Cash credit

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

Soumitra Basu

Profile Image

Soumitra Basu (Expert)
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
Profile Image

DHARMCHAND OSTWAL

Profile Image

DHARMCHAND OSTWAL (Querist)
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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details