{Ca+Cma+Cs Friends} ADDITION U/S 41 OF THE IT ACT, 1961
DEAR FRIENDS,
THERE ARE CERTAIN CREDIT BALANCES IN THE NAME OF CERTAIN PERSONS FOR LAST 3 YEARS AND ARE STILL OUTSTANDING FOR PAYMENT. DURING THE COURSE OF ASSESSMENT AO HAS ASKED THE INFORMATION IN RESPECT OF ABOVE WHICH HAVE BEEN SUBMITTED. NOW HE HAS ASKED TO SHOW CAUSE THAT WHY THESE AMOUNTS SHOULD NOT BE ADDED IN THE INCOME OF ASSESSEE U/S 41 OF THE IT ACT.
AS PER MY UNDERSTANDING THE PROPOSED ACTION OF AO IS NOT AS PER LAW SINCE THIS TYPE OF SITUATION IS NOT PRESCRIBED U/S 41 OF THE IT ACT.
MEMBERS ARE REQUESTED TO KINDLY CONFIRM THAT MY UNDERSTANDING IS CORRECT. MEMBERS ARE ALSO REQUESTED TO KINDLY SHARE THEIR VIEWS ON THE ABOVE IF THEY ARE DIFFERENT FROM THE ONE EXPRESSED BY ME TOGETHER WITH THE DECIDED CASE LAW, NOTIFICATION OR CIRCULAR WHICH SUPPORTS THEIR VIEW.
With best regards,
CA brajesh AGARWAL
09818623388 (M)
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