Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Addition u/s 68 - the assessee had no justification for ...

Income Tax

August 3, 2013

Addition u/s 68 - the assessee had no justification for borrowing such amounts at high rate of interest, even without disturbing the well established principle of not insisting on the assessee proving source of the source, on the robust facts of the revenue authorities, additions confirmed - HC

View Source

 


 

You may also like:

  1. 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....

  2. Addition u/s 68 - unexplained cash credit - Merely because the lenders have not shown the interest income in their return of income, does not mean the assessee has not...

  3. Renting of Immovable Property Service - notional interest accruing on the lumpsum amounts received - There is no justification for inclusion of the notional interest in...

  4. Addition u/s 68 on account of unsecured loans received - Since the loan amount has been held by us as genuine, the corresponding interest payment made thereon after...

  5. 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 -...

  6. Disallow the interest u/s. 36(1)(iii) read with section 40A - assessee had advanced money at lower rate of interest or free of interest out of the funds borrowed by the...

  7. Addition u/s 68 - Applicability of higher rate of tax u/s 115BBE - Sourcing unsecured loan against Cash Deposit - the assessee has failed to explain the source of cash...

  8. Unexplained peak cash loan - interest expenses on the money borrowed in cash - it is a fact on record that the impugned amount of interest as well as the amount of loan...

  9. Deduction of interest paid for the borrowed amount used for business purpose - Loan taken from Bank given to Holding company as interest free Advance - Addition u/s...

  10. Interest on borrowing to shareholders are deductible expenditure u/s 36(1)(iii) as interest on borrowed capital.... - AT

 

Quick Updates:Latest Updates