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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Additions u/s 68 - Once the receipt of deposits from the ...

Income Tax

May 12, 2016

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 automatically stand deleted - HC

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  1. Revision u/s 263 - addition on account of interest paid to loan creditors - On one hand,AO is treating the alleged loan deposits as non-genuine and adding the same to...

  2. Addition u/s 69A/68 - assessee has filed confirmations of the depositors/creditors with full address, PAN, complete details of cheque amount & number loans/deposits; etc....

  3. TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased - CBDT Specified the manner for deduction of TDS in such cases

  4. Addition u/s 68 - Simply because the directors/shareholders did not present themselves before the Assessing Officer, an addition u/s 68 cannot be made.

  5. The assessee has collected the funds from the public/depositors, who have deposited the money to earn interest - This amount is capital which will be utilized to earn income - HC

  6. Addition u/s 68 - the addition for the reason that the denomination of notes withdrawn and re-deposited was different, it cannot be a ground to make the addition - AT

  7. Unexplained cash deposits in bank account - The claim of the assessee remained as a bald claim only followed by no evidence. Why the depositors will deposit their funds...

  8. Addition u/s 68 - cash credit in the books of accounts - issue of shares warrant - As assessee has submitted the complete details before the assessing officer and...

  9. Addition u/s 68 - assessee has substantiated the transaction regarding share application money received by it was genuine transaction and the same were not accommodation...

  10. Addition u/s 68 – Genuineness of transaction in shares - genuine or sham and bogus – Revenue in failing to discharge the basic onus - inquiry was not carried forward -...

 

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