{"id":11155,"date":"2020-04-04T05:45:37","date_gmt":"2020-04-04T05:45:37","guid":{"rendered":"http:\/\/itatonline.org\/digest\/vishwas\/cash-credits-s-68-capitalisation\/"},"modified":"2020-04-04T05:46:29","modified_gmt":"2020-04-04T05:46:29","slug":"cash-credits-s-68-capitalisation","status":"publish","type":"vishwas","link":"https:\/\/itatonline.org\/digest\/vishwas\/cash-credits-s-68-capitalisation\/","title":{"rendered":"Cash credits-S. 68- Capitalisation ."},"content":{"rendered":"<p>An appeal for A.Y. 2011-12 is filed by OBC Ltd, a listed company, in time before the CIT(A) against the order of AO making an addition on account of unexplained cash credits u\/s 68 and for the disallowance of purchases from unregistered dealers. The assessee has filed a declaration u\/s 4 to settle the dispute in appeal under the scheme. He has been advised to capitalise the additional income comprised in the scheme by passing the accounting entries in the financial year 2020-2021. You are required to advise him on the consequences of the declaration and of the accounting entries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An appeal for A.Y. 2011-12 is filed by OBC Ltd, a listed company, in time before the CIT(A) against the order of AO making an addition on account of unexplained cash credits u\/s 68 and for the disallowance of purchases from unregistered dealers. The assessee has filed a declaration u\/s 4 to settle the dispute in appeal under the scheme. He has been advised to capitalise the additional income comprised in the scheme by passing the accounting entries in the financial year 2020-2021. You are required to advise him on the consequences of the declaration and of the accounting entries.<\/p>\n<p><a href=\"https:\/\/itatonline.org\/digest\/vishwas\/cash-credits-s-68-capitalisation\/\">read more<\/a><\/p>","protected":false},"comment_status":"open","ping_status":"closed","template":"","tags":[],"expertname":[8],"class_list":["post-11155","vishwas","type-vishwas","status-publish","hentry","expertname-ca-pradeep-kapasi"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas\/11155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/vishwas"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11155"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11155"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11155"},{"taxonomy":"expertname","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/expertname?post=11155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}