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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Unsecured loan advanced by two, minor son and minor daughter, to ...

Income Tax

May 19, 2016

Unsecured loan advanced by two, minor son and minor daughter, to the assessee is explained and cannot be added as unexplained cash credit u/s. 68 - AT

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  1. Penalty u/s 271D - Default u/s 269SS - loans in question were received by the assessee in cash from her daughter and son-in-law - no penalty leviable

  2. Addition u/s 68 - unsecured loan - ITAT, turning a blind eye, has erred in holding that, assessee has discharged his onus merely because the money was advanced through...

  3. 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...

  4. WHEHTER THE EXPENSES INCURRED FOR THE EDUCATION ABROAD FOR THE SON/DAUGHTER OF A DIRECTOR OF A COMPANY CAN BE TREATED AS BUSINESS EXPENSES - Article

  5. Deduction u/s 54B - denial - sale of agricultural land standing in assesee's name - purchases of land in name of son and daughter-in-law - disallowed the exemption u/s 54B - HC

  6. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  7. Disallowance u/s. 2(22)(e) - assessee has received unsecured loan and assessee company from whom it has obtained unsecured loan there were two common directors - Since...

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

  9. TP Adjustment - associated enterprises (AEs) - Business advances cannot be construed as loan advanced to the assessee company. Once the same is excluded and the loans...

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

 

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