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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Deletion of addition u/s 68 - We fail to understand that whether ...

Income Tax

April 23, 2015

Deletion of addition u/s 68 - We fail to understand that whether small raw hide suppliers can afford to provide this long credit and hence, this claim cannot be accepted in the absence of confirmation from supplier and their addresses - Additions confirmed - AT

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  1. Reassessment - 'raw hides and skins' and 'dressed hides and skins' both are different commodities. - HC

  2. Addition of income being gift of India Millennium Deposit received as unexplained credit u/s 68 - genuinity stands proved - no addition - AT

  3. Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019

  4. Unexplained credit u/s 68 - unsecured loan from registered NBFC and other companies - revenue failed to prove that loan were bogus - additions deleted.

  5. Addition u/s 68 - unexplained cash credit - Onus to prove - The High court noted that the assessee had provided sufficient evidence, including bank statements, cash-flow...

  6. Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

  7. Addition u/s 68 - unexplained cash credit - Onus to prove - it is not the case that the AO was not afforded the opportunities for his comments on the additional...

  8. Additions u/s 68 - income from un-disclosed sources - Agriculture Income or not - exemption of income u/s 10(1) read with Section 2(1A) denied - onus to prove - The...

  9. ISD - Freight Business Auxiliary - The appellant purchases coupons and issue to their employees - appellant failed to prove nexus - small amount - credit disallowed - AT

  10. Addition u/s 68 - It cannot be held that suppliers were not genuine only because summons u/s 133(6) were not served. - AT

 

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