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Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

Addition u/s 68 - the amount of loan which has been returned to ...


Section 68: Loan Repayments and Interest Not Taxable as Income for Assessee.

August 29, 2016

Case Laws     Income Tax     AT

Addition u/s 68 - the amount of loan which has been returned to the respective creditors and interest paid thereon cannot be taxed in the hands of the assessee as its income. - AT

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  10. Unexplained unsecured loan u/s. 68 - AO inter-alia observed that the assessee has shown squared off unsecured loans allegedly received from an entity - bona fides of...

  11. Unexplained cash credits u/s 68 - There is no justification in treating the loans raised by the assessee from the said companies as unexplained cash credits u/s 68 -...

  12. The ITAT upheld the addition under Section 68 of the Income Tax Act regarding unsecured loans and share capital. Despite the Assessee's claims of secured loans from...

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