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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Revision u/s 263 - AO neither examined the genuineness of loans, ...

Income Tax

May 24, 2016

Revision u/s 263 - AO neither examined the genuineness of loans, its creditworthiness, in the light of applicability of section 68 of the Act. Taking fresh loan by the assessee was not even contradicted by the assessee - Revision upheld being the order is erroneous and prejudicial to the interest of the Revenue - AT

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  1. Revision u/s 263 - AO made no enquiry for details of deposits neither anyalysed identity, genuineness and creditworthiness nor examined eligibility for deduction u/s....

  2. Revision u/s 263 - Addition u/s 56(2)(viib) for the excess share issue price - the AO has conducted sufficient inquiry by calling all necessary details and information...

  3. Revision u/s 263 - Confirmation of loan not bearing address - no inquiries/verification, regarding creditworthiness of the lender and genuineness - neither bank...

  4. Additions u/s 68 - Merely by providing the Income Tax Return and PAN number is not enough to establish the creditworthiness and genuineness of the unsecured loans.

  5. Addition on account of un-explained loan - assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of...

  6. Unsecured loan obtained from companies u/s 68 – Creditworthiness and genuineness of transaction – assessee was rerouting its own funds was based on surmise - no addition - HC

  7. Revision u/s 263 - unsecured loan - AO after having received relevant documents including confirmation has not taken pains to verify the veracity of loan transactions...

  8. Additions u/s 68 - cash credit -AO doubted the creditworthiness or the genuineness of the transaction on the basis of mere presumption and suspicion without properly...

  9. Revision u/s 263 - issue of fresh share in lieu of investment in shares - once, the AO has found that a transaction is not in terms of any money after the detailed...

  10. Validity of Revision u/s 263 - The tribunal held that the exercise of the second revision jurisdiction by the PCIT on the same issue was not justified. It noted that the...

 

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