{"id":58928,"date":"2026-03-22T15:18:27","date_gmt":"2026-03-22T09:48:27","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=58928"},"modified":"2026-03-22T15:18:27","modified_gmt":"2026-03-22T09:48:27","slug":"ao-considered-my-fresh-capital-introduction-as-income-escaped","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/ao-considered-my-fresh-capital-introduction-as-income-escaped\/","title":{"rendered":"AO considered my fresh capital introduction as income escaped"},"content":{"rendered":"<p>AO has sent my client a demand notice considering the capital as income escaped from assessment. Actually client had taken loans from friend and \u00a0relatives in his saving account and then transferred the same to current account. Same was not treated in books as loan and treated as capital because client took the loan in savings account and then transferred to his proprietor firm. Client has provided the PAN and Confirmations from all such lenders to AO but did not considered anything and gave order of paying tax. Is AO justified in treating such loans as income just because same were taken as capital in books and not shown in loans?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[1275],"qa_category":[23],"qa_tag":[354],"class_list":["post-58928","qa","type-qa","status-publish","hentry","qa_expert-law-intern","qa_category-income-tax","qa_tag-undisclosed-income"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/58928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=58928"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58928"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=58928"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=58928"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=58928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}