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Amount lying in stale draft account cannot be treated as income
Case Law Details
- Case Name
- DCIT Vs The Karur Vysya Bank Ltd. (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Chennai
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DCIT Vs The Karur Vysya Bank Ltd. (ITAT Chennai)
Facts-
Stale draft account-
The assessee has issued demand drafts to various persons and any unclaimed demand drafts is kept in stale draft account under the head ‘outstanding liabilities’. AO noticed that the amount of INR 18,42,40,053 was shown under the head ‘outstanding liabilities’. The opening balance of the said account was INR 13,97,32,235. Accordingly, differential amount of INR 44507818 is treated as income of the assessee.
Ex-gratia payment-
Further, AO has disallowed ex-gratia payment made by the assessee to...
Author Info
