Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2016 Year 2016 This

Addition u/s 68 - merely because the bank statement an ITR of ...

Income Tax

March 16, 2016

Addition u/s 68 - merely because the bank statement an ITR of the lender were not submitted, in spite of submitting balance sheet and profit and loss account of the company, confirmation stating its PAN and also transactions are through account payee cheques and in absence of any inquiry, we are of the view that no addition can be made in the hands of the assessee - AT

View Source

 


 

You may also like:

  1. Addition u/s 68 - Violation of provisions of section 269SS - unexplained cash deposit - Violation of provisions of section 269SS of the I.T.Act calls for penalty u/s...

  2. TDS u/s 195 - disallowance u/s 40(a)(i) - allowability of expenditure u/s 37(1) - there is no question of alternating between section 37(1) of the I.T.Act and section...

  3. Difference in stock submitted to bank and income tax department -addition based on stock statement submitted to Bank is not sustainable - AT

  4. Increased TCS rates to apply from 1st October, 2023 - Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)

  5. Addition u/s 68 - the additional ground raised by the assessee that addition cannot be made u/s 68 of the Act on the basis of the bank statement is rejected.

  6. Non acceptance of fresh evidence submitted u/r 46A of the I. T. Rules by CIT(A) - Tribunal noted that, it is possible that in the transition, the ld.CIT(A)[NFAC] had not...

  7. Allowance of bad debts - Provision made was pre-matured - It was only contingent liability or notional loss which could not be allowed as an expenditure under provisions...

  8. Addition u/s 68 - unexplained cash credit - Merely because the lenders have not shown the interest income in their return of income, does not mean the assessee has not...

  9. Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

  10. Deduction u/s 80P(2)(a)(i) - the assessee had made investments with sub-treasuries and banks in the course of its business of banking / providing credit facilities to...

 

Quick Updates:Latest Updates