outstanding balances, etc. are recorded. Total of both
debits and credits in Vepar Yadi are wrongly suggested as sales whereas the
other side is mere ... books of
accounts. The totals of both debits and credits in Vepar Yadi are wrongly
suggested to sales as one side is of sales which
then submitted by Mr Syali that the Ld AO has wrongly
concluded in his order that the statutory auditors have certified the expense as
contingent ... crores it is stated by the auditors that the same
is debited to the P&L account and hence there is no question this
difference of Rs.41,18,416/- has
arisen on account of AO wrongly considering the list of loans and
advances which are assets ... these parties and AO totaled the
same outstanding of this parties debit and credit both and was of the
view that same is the unsecured
2000- 01 in which the said
purchases was wrongly accounted for.
The assessee has also raised an additional ground no. 1 on 22.7.2011 in this ... being the year in
which such amount bas actually been debited to the P/L Account and has
been suo-moto offered by the appellant
Thereafter the various
expenses were reduced like adjustment towards addition of
depreciation debited to the Profit and Loss A/c., default revenue
expenditure, share issue ... while calculating the stand alone company's profit is not wrong.
However, he observed that statement of income of assessee-
company
Income-tax Act.
(iii) It is submitted that the A.O. has wrongly presumed that when
the sales are decreased, the gross profit rate should ... found that any of the expenditure on
account of damages, discount etc. debited in "the books are not
genuine by pointing out any particular
above details of secured loans, ld. AR submitted
that interest debited in the profit and loss account was pertaining to
secured loan is only limited ... been debited to
the profit and loss account but has been debited to the partners
capital account. In other words interest
decision, so, CIT(A) was justified in holding that
Assessing Officer has wrongly assumed the jurisdiction
u/s.157 of the Act. Same is upheld ... ground that assessee
had debited an amount of Rs.7,30,31,599/- in P&L account
towards 'loss on sale of investments
Godrej & Boyce Mfg Co. Ltd, Mumbai vs Dcit 10(2), Mumbai on 21 December
Sara Services & Engineers Pvt. Ltd., New ... vs Acit, New Delhi on 18 January, 2016
