• Welcome to itatonline.org Forum.
 

News:

Contact details of departmental representatives is available.

Main Menu
Menu

Show posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Show posts Menu

Messages - nitinbhalla

#1
Discussion / Re: INITIAL ONUS UNDER SEC.68
April 28, 2012, 10:41:17 AM
The extent of onus on assessee as decided by most of the courts are that:

I) Identity of the creditor

II) Creditworthiness of the creditor

III) Genuineness of the transaction occurred with the creditor.

To prove the identity the name; address & PAN Number of the creditors is sufficient. If the creditor is a director, partner them identity is definitely proved strongly.

To Prove the creditworthiness of the creditor bank statement & ITR's whether assessed to tax or not, are required.

To prove the genuineness of the transaction, it is a sufficient proof that it should have to occurred through an account payee cheque; for this file the bank statement of the assessee. If it is not occured through account payee cheque then prove genuineness otherwise.
#2
Discussion / Re: addition as concealed income
April 05, 2012, 08:20:31 PM
following are the strong points:
1. Assessee has discharged his primary onus by giving the detail of the creditor.
2. All the transaction are made through the A/c payee cheque.
3. The purchase bills are maintained.
4. Most strong point is that no opportunity of cross examination is given to the assessee. for this please refer the following cases:
99 TTJ 538
99 TTJ 252

#4
Discussion / bonafide mistake in the books of accounts
February 08, 2012, 02:00:55 PM
Please suggest me some case laws in favour of the assessee, on the issue of bonafide mistake in the books of accounts. Assessee has deposited cash of Rs. 14 lacs in the saving account. On explaining the source, the cash was withdrawn from the business. The accountant has not recorded the entry on the contention that he has not received the pass book of the saving account from the bank, that is wht he was unable to record the entry. It was a delay on the part of the bank to provide the pass book. At the time of the assessment reply was filed regarding the bonafide mistake on the part of the accountant. AO has made the addition as unexplained money u/s 69A. Now we are in CIT-(A). please suggest me on this.

Thanks & Regards,
Nitin bhalla
9855667100
#5
Section 57 talk about the deduction from the income from the other source.
Section 57(iii) specify that

"any other expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for the purpose of making or earning such income."

interest on car loan is not an expense for earning the int. income from the saving account. also for the salary class of person the intt. on the personal car can not be expenditure for the purpose of the computation of the income. He can not get the benefit of the intt. paid on the car loan.