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Income Tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

Addition u/s 68 - The existence of shares of 150000 in the ...

Income Tax

January 16, 2016

Addition u/s 68 - The existence of shares of 150000 in the hands of assessee was established by filing concerned demat account. Therefore, the conditions for making addition under section 68 were missing in the case of the assessee - AT

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  1. Addition u/s 68 - share capital and share premium - any addition which deserved to be made should have been made in the hands of the share applicants who have shown...

  2. Addition u/s 68 - unexplained share application money - It is not a case that the assessee had filed merely a confirmatory letters of share applicants but it is a case...

  3. 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.

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

  5. Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

  6. 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...

  7. Addition u/s 68 - non independent application of mind - accommodation entries - share application money - Mere non production of Director of said share holder company...

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

  9. Share application money - additions u/s 68 - Other than the share application forms, no other agreement between the respondent and third companies had been placed on...

  10. Addition u/s 68 - addition on account of share application money - The identity of the above share applicants was also independently verified by the inspectors during...

 

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