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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Reopening of assessment - Addition u/s 68 - What was received ...

Income Tax

July 13, 2016

Reopening of assessment - Addition u/s 68 - What was received from these companies was loan, which was also repaid within a short time and there was no share application money in any form. If this be so, the very foundation of the reason recorded by the Assessing Officer for reopening the assessment fails - HC

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

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