Wastage Disallowed
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.
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.
12 November 2008
If the creditors confirm the loans, the AO can not take that stand.
He can not if you prove with documents wastages did occur.
He can not if you prove with documents wastages did occur.
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