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Income Tax - Highlights / Catch Notes

Home Highlights May 2018 Year 2018 This

Additions towards interest on capital - the interest payment ...

Income Tax

May 2, 2018

Additions towards interest on capital - the interest payment relating to the addition confirmed as unexplained cash credit in the hands of the firm is not allowable and the same is to be treated as income in the hands of the firm as unexplained sources. - AT

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  1. Addition to towards interest expenses - borrowing money from related party (partnership firm) at higher rate of interest and lending the same at lower interest rate -...

  2. Addition towards interest on advances to partners - interest free advances given to partners - Disallowance of interest for diversion of funds - Additions confirmed.

  3. Unexplained capital contribution by partners – additions not confirmed - AT

  4. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

  5. Additions towards difference in interest income between interest as per Form 26AS and interest income shown in the Return of Income - Since the alleged accommodation...

  6. Additions towards interest received from the firm on the capital deployed in the firm by the Partner - Since the assessee has already offered the income being the...

  7. Charging of interest u/s 234B for non payment of advance tax - assessment framed u/s 147 - additions made towards unexplained - Liability of interest confirmed.

  8. Addition u/s 68 of the Income Tax Act - capital introduced by the partner - the partner who introduced the capital has confirmed and owned the same – no addition - AT

  9. Assessment u/s 153A - Addition based on the valuation report - completed assessment - nature of material found in the course of search which led to impugned additions -...

  10. Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

  11. Addition u/s 69C - household withdrawals - contention of the assessee towards household expenses is not capable of acceptance. Addition confirmed - AT

  12. Estimation of business income - The learned CIT (A) confirmed addition merely harping on non-compliance by assessee before the Assessing Officer and not applying his...

  13. Additions towards income earned from undisclosed investment - The addition of income earned from the investment is also solely based upon the admission by the ex-partner...

  14. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

  15. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

 

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