TaxTMI 
TaxTMI 
Case law - Opening balances
X X X X Extracts X X X X
X X X X Extracts X X X X
....ase law - Opening balances<br> Query (Issue) Started By: - B Tayub Dated:- 13-3-2009 Last Reply Date:- 16-3-2009 Income Tax<br>Got 3 Replies<br>Income Tax<br>Whether the ITO can add opening balance in....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the books stating the loans received in preceding years were not genuine? In the process in addition to adding the opening balances he has disallowed the interest credited in those accounts. whether ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....there is any case law in support of the assessee? Reply By Dinesh Gupta: The Reply: I think the action of ITO is incorrect. Loan amount received or paid in a particular financial year can be allowed....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... or disallowed in the same financial year / assessment year only. Therefore, ITO should initiate the proceedings u/s 148 / 147. Same view is applicable on Interest portion. If the basic amount can not....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... be disallowed, the interest portion also should not be disallowed. Reply By B Tayub: The Reply: Whether there is any case law in support of the views expressed by Mr. Dinesh Gupta? Reply By Rama Kri....
X X X X Extracts X X X X
X X X X Extracts X X X X
....shana: The Reply: I think, the issue must be tried to solve within the parameters of statutory provisions of law. You must ask the ITO to provide the details of statutory provision/s which empowers h....
X X X X Extracts X X X X
X X X X Extracts X X X X
....im to add the bogus entries of one year with the income of different year. If the action of the ITO is held as justified, than the period of limitation of re-assessment u/s 148 / 149 would become infr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....uctuous.<br> Discussion Forum - Knowledge Sharing ....