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Income Tax - Highlights / Catch Notes

Home Highlights May 2014 Year 2014 This

Scope of section 68 - Society/Bank not required to go for ...

Income Tax

May 27, 2014

Scope of section 68 - Society/Bank not required to go for detailed verification of address/ whereabouts of the customers - addition u/s 68 cannot be made merely because the address of the customers are incomplete - AT

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  1. Addition u/s 68 in the hands of co-operative bank - Society/Bank not required to go for detailed verification of address/whereabouts of the customers and therefore,...

  2. Reversal of Input Tax Credit - proper verification of the transactions of selling/purchasing dealers to ensure that there is a match of the details of the transaction or...

  3. Addition u/s 68 - In the given case, AO has not carried out any useful investigation but merely followed the previous pattern of investigation and completed the...

  4. Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

  5. Assessee-cooperative society carrying on business of banking statutorily required to place a part of its funds in approved securities, the income attributable thereto is...

  6. Addition u/s 69A/68 - assessee has filed confirmations of the depositors/creditors with full address, PAN, complete details of cheque amount & number loans/deposits; etc....

  7. Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act,...

  8. Bogus shareholders – when full details known to department, no additions be made u/s 68 - HC

  9. Freezing of Bank Accounts - bogus addresses for the purposes of claiming IGST refunds - the power to freeze or suspend operations of a bank account cannot legally be exercised.

  10. Mutual benefit society - the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which principles of mutuality will apply.

 

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