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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Unsecured loans added as unexplained cash credit u/s. 68 - ...

Income Tax

November 5, 2015

Unsecured loans added as unexplained cash credit u/s. 68 - assessee has failed to prove the creditworthiness of the five loan creditors and therefore failed to substantiate the receipt of unsecured loan - AT

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

  2. Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits – Very genuineness of the transaction was not...

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

  4. Unsecured loan obtained from companies u/s 68 – Creditworthiness and genuineness of transaction – assessee was rerouting its own funds was based on surmise - no addition - HC

  5. Additions u/s 68 - unexplained unsecured loans - CIT(A) had rightly deleted the addition towards loans received from the companies in the same group

  6. Additions u/s 68 - Merely by providing the Income Tax Return and PAN number is not enough to establish the creditworthiness and genuineness of the unsecured loans.

  7. Additions u/s 68 - Unsecured loans - partnership firm - Making addition of unsecured loans relating to the partnership firm in the hands of the assessee is bad in law...

  8. Addition u/s 68 - unsecured loan - unexplained cash credit - the assessee has discharged the primary onus by proving the identity of the creditor, genuineness of the...

  9. Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

  10. Unexplained credit u/s 68 - unsecured loans received by the assessee - The assessee has duly proved not only the identity, creditworthiness of the lender company but...

 

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