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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Addition u/s 68 - The burden is upon the assessee to prove the ...

Income Tax

July 16, 2016

Addition u/s 68 - The burden is upon the assessee to prove the necessary ingredients of section 68. Once the assessee failed to do so the consequences were bound to follow. - HC

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  1. Non disapproving the documents furnished by the assessee to discharge the initial burden placed upon it u/s 68 - additions deleted - AT

  2. Reopening of assessment - addition in respect of receipt of share capital money as accommodation entry, the doubts of the A.O. have not been cleared by the assessee at...

  3. Addition u/s 68 - unsecured loans - The loan transactions are routed through regular banking channels and reflected duly in the annual accounts of the lender company....

  4. Addition u/s 68 r.w.s. 115BBE - assessment framed u/s 143(3) - amount being inheritance from his father by way of will - Burden to prove - where the assessee has...

  5. Addition u/s 68 - Bogus LTCG - The assessee cannot escape from the burden cast upon him and unfortunately in these cases the burden is heavy as the facts establish that...

  6. Addition u/s 68 - unsecured loans - addition only on the basis of the information received from the Investigation Wing ignoring - the investing company has sufficient...

  7. Addition u/s 68 - unsecured cash credit - initial burden to prove identity, genuineness of the transactions and creditworthiness of the creditor - the identity of the...

  8. Unexplained Cash Credit – temporary loan from friends and relatives abroad for the purpose of filing immigration application for L1 visa for USA - Assessee had...

  9. Addition u/s 68 - Unexplained cash deposits - Provision to section 68 inserted w.e.f. 1.4.2013 requires the assessee to prove the source of source. This proviso shall...

  10. Addition u/s 68 - genuineness and credit worthiness - It is evident that the assessee though has disclosed the source of the deposit but could not establish the nature...

 

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