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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Addition u/s 68 as unsecured loan received from one of its ...

Income Tax

November 19, 2015

Addition u/s 68 as unsecured loan received from one of its directors - assessee has not been able to establish the creditworthiness of the director of the company who has purportedly extended loan - Additions confirmed - AT

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

  2. 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.

  3. 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

  4. Addition u/s 68 - unexplained cash credit - unsecured loan - the assessee has not been able to establish the creditworthiness of lender nor has he been able to establish...

  5. Addition u/s 68 - share capital and share premium - allegation regarding identity and creditworthiness - non appearance of director - addition cannot be sustained merely...

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

  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. 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...

  9. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

  10. Addition of unsecured loan u/s 68 - interest free unsecured loan received from a close friend in Dubai to fund ongoing project with a condition that amount will be...

 

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