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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Addition u/s 68 - Where the loan creditors have shown the amount ...

Income Tax

July 15, 2014

Addition u/s 68 - Where the loan creditors have shown the amount advanced to the assessee in the income tax return filed with the Income Tax Department and the Department has accepted the same, then the credits are prima facie genuine - AT

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  2. Addition u/s 68 and 69C - It is neither the AO’s case that the loan creditors are not income-tax assessee’s nor has he alleged that the documents and evidences furnished...

  3. Addition u/s. 68 - on the amounts received as loan, assessee had paid interest and had also deducted TDS on the interest paid. The factum of lending the money through...

  4. Penalty u/s 271(1)(c) - Addition u/s 68 - Head changed from income under “PGBP” (as shown by the assessee) to addition U/s 68 - That there was some tax sought to be...

  5. 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....

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  7. Addition u/s 68 - unsecured loans received - sole reason for confirming the addition was low income tax return in the year of issue whereas it was contended that it is...

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  10. Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

  11. Validity of assessment under section 153A - addition u/s 68 - By simply referring to General findings of investigations wing at Kolkata entry operators providing bogus...

  12. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

  13. Addition u/s 68 - unexplained unsecured loan - capacity/creditworthiness of creditor - The creditor has given loan to assessee out of proceeds held in Bank A/c from...

  14. Addition u/s 68 - Unexplained cash advances received from various customers - trade advances given by the creditors/customers were found to be adjusted against the sale...

  15. Addition of cash credits u/s 68 - Once the PAN and confirmation letters are placed before the AO, it is for the AO to establish that the creditor has no capacity to make...

 

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