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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Reassessment - unaccounted loan received - when AO did not ...

Income Tax

June 6, 2016

Reassessment - unaccounted loan received - when AO did not describe how and what manner it came to his knowledge that the assessee receive the accommodation entries, the reopening done by the AO u/s 147 was not valid - AT

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  1. Reopening of assessment - The conclusion of the A.O. is unhelpful in understanding as to whether the AO applied his mind to the material, particularly when he did not...

  2. Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the...

  3. Reopening of assessment u/s 147 - Unexplained loan transaction - If it emerges from the reasons recorded, which, in turn, are based on some cogent material, that the AO...

  4. Reassessment proceedings after information received from Director of Investigation regarding bogus/accommodation entries - HC

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

  7. Reopening of an assessment beyond 4 years - issue of bogus purchases - specific and concrete information available with the AO - Reassessment proceedings sustained -...

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

  9. 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

  10. 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...

 

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