Section 68
This query is : Resolved
CA Namrata Shetty
(Querist)
26 November 2009
Assessee is a partnership firm.Assessee has taken loan from two parties in F.Y. 2000-01.At the time of scrutiny of F.Y. 2007-08, assessee firm could not povide loan confirmations of the respective loans.A.o. added back the loan amount in total income u/s. 68.Following are the queries in relation to the same:-
1. Can the A.O. do so?
2. If yes, then in which year the loan amount will be added?
3. As per sec 68, it will be added in the year in which the amount was credited.Then,in this case it will be in F.Y. 2000-01, which is beyond 6years.Can the A.O. do that?
Please clarify this.
1. Can the A.O. do so?
2. If yes, then in which year the loan amount will be added?
3. As per sec 68, it will be added in the year in which the amount was credited.Then,in this case it will be in F.Y. 2000-01, which is beyond 6years.Can the A.O. do that?
Please clarify this.
M Prabhakar Menon
(Expert)
27 November 2009
If u have not been able to subtantiate your claim then how will the AO accept your view point? U can file an appeal after getting the AO in the meanwhile try to get some paper to back u This is very wide section and most rulings are in favour of the revenue.
shakuntala chhangani
(Expert)
27 November 2009
Agreed with Prabhakarji.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
