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Income Tax - Highlights / Catch Notes

Home Highlights October 2016 Year 2016 This

Addition u/s 68 - The loan was also repaid back before the ...

Income Tax

October 25, 2016

Addition u/s 68 - The loan was also repaid back before the initiation of assessment proceedings - Mere non compliance of summon cannot be the basis to make addition. - AT

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  1. Addition u/s 68 - non independent application of mind - accommodation entries - share application money - Mere non production of Director of said share holder company...

  2. Characterization of income - cash receipt due to waiver of loan by the state government - whether in the nature of subsidy - to be treated as benefit / perquisite u/s...

  3. 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...

  4. Unexplained cash credit u/s 68 - AO was free to make the necessary enquiry and addition under section 68 in the hands of the recipient were unjustified. Furthermore,...

  5. Addition made u/s 2(22)(e) - The loan or advance taken from the company may have been ultimately repaid or adjusted but that will not alter the fact - additions confirmed - AT

  6. Addition u/s 68 - Unsecured Loans - onus to proof - Assessee had also paid interest on the unsecured loan after deducting TDS @20% which reveals that during subsequent...

  7. Addition u/s 68 - Loans unexplained - the tax authorities are not justified in placing reliance on the statement given by the director in a third party proceeding...

  8. Loan received assessed as income u/s 68 - loan received from companies - loans were taken for a period of two months and have been repaid back with interest - Tax has...

  9. Reopening of assessment u/s 147 - Addition u/s 68 - An alleged non-compliance of summons issued in some other years cannot be reckoned as 'failure on the part of...

  10. Validity of reopening of assessment u/s 147 - assessee availed the loan is an accommodation entry provider - The bona fide of the assessee is further proved from the...

 

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