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Income Tax - Highlights / Catch Notes

Home Highlights November 2014 Year 2014 This

Sum advanced to sister concern by cheques drawn – Unexplained ...

Income Tax

November 18, 2014

Sum advanced to sister concern by cheques drawn – Unexplained investment or not - it has been rightly treated as unexplained investment in terms of Section 69B of the Income Tax Act - HC

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  1. Unexplained investment – Gifted jewelleries cannot be treated as unexplained as the same is duly supported by such corroborative evidence like gift certificate etc. - AT

  2. The ‘interest income’ earned on business advances kept with the sister concerns should be treated as ‘business income’ instead of ‘income from other sources’ - AT

  3. Nature of amount received in pursuance of Consent decree by HC – Authorities below rightly treated this sum as a receipt falling under Section 28(iv) of the I. T. Act - HC

  4. Unexplained investment u/s 69 - The aspect that this income was not declared in the original return of income cannot be a ground to automatically conclude that it is...

  5. Unexplained cash credit/debits – unexplained investment - the burden to establish the existence of investment was on the Revenue, which has not been discharged - AT

  6. Cenvat Credit - Retrospective amendment in Rule 16 is aimed at facilitating ‘wire drawing units’ - The sum paid by the wire drawing unit in such cases will be treated as...

  7. Unexplained investment u/s 69 – Assessee paid up additional stamp duty on valuation - This by itself would not mean that the assessee made any unexplained investment - HC

  8. 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...

  9. Addition u/s 69 - Unexplained investment or not - only when the investment is not recorded in the books of accounts or the explanation by the assessee regarding the...

  10. Addition u/s 2(22)(e) - even if amount given to the assessee for making the investment in the shares of the company as said investment was required for taking the loan...

 

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