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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. 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...

  3. Unexplained cash credit - unsecured loan u/s 68 - The assessee has limited means to call for elaborate information required by AO. Looking to the list of documents filed...

  4. Once the assessee failed in explaining the share capital and unsecured loans received, there was no option before the Assessing Officer except making addition - AT

  5. Unsecured loans added as unexplained cash credit u/s. 68 - assessee has failed to prove the creditworthiness of the five loan creditors and therefore failed to...

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

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

  8. 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...

  9. 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...

  10. Unexplained cash credit - the balance cash was appearing in the books, itself is sufficient evidence to show that it stood explained - AT

 

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