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Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Addition invoking provisions of section 68 - if it was advance ...

Income Tax

July 13, 2015

Addition invoking provisions of section 68 - if it was advance against sales then one fails to understand as to why dispatch of goods were not made during the year, more so, when the assessee itself had got its stock de-bonded for domestic sales.- AT

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  1. Payment towards membership of OTC (Delhi stock exchange) - nature of expenditure - provision made for doubtful advance for membership - Assessee failed to prove its case...

  2. Protective addition made in the hands of the assessee - addition u/s 68 - the Revenue cannot take different stand in respect of these two assessee.

  3. Once the book results are rejected by invoking provisions of section 145(3) of the Act, no separate additions could be made under section 68 - AT

  4. Provisions of section 68 cannot be invoked on various deposits/credits found recorded in the bank account of the assessee in the absence of books maintained for that...

  5. Addition u/s 68 or 56 - Undisclosed income of unsecured loan - share application money receipt - the share application money was received in the financial year 2011-12 -...

  6. Additions u/s 68 - Once the receipt of deposits from the depositors is held to be genuine, the consequent disallownace of interest made by the Assessing Officer would...

  7. Addition u/s 68 - unexplained cash deposited in bank accounts - Bank account / statement as books - an addition made in respect of a cash deposit in the bank account of...

  8. Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

  9. Violation of Section 10(6) of FEMA - advance remittance is permissible in law against imports - One is failed to understand why a person would make alleged hawala...

  10. Addition u/s 68 - unproved trade / sundry creditors - There is no justification for making the addition of advances received from the customers without taking into...

 

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