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Income Tax - Highlights / Catch Notes

Home Highlights November 2016 Year 2016 This

Addition u/s 68 - AO is an Investigation Officer and if the ...

Income Tax

November 14, 2016

Addition u/s 68 - AO is an Investigation Officer and if the assessee files some documents, it is within the investigation power of the AO to raise questions on those documents. It cannot be held to be amounting to exploring the source of source. - AT

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  1. Request for transfer of files of enquiry to a place of petitioners' choice - The power to summon or produce a document is distinct from the nature of proceedings...

  2. LTCG - Addition u/s 68 - Eligibility for deduction u/s 54 - When all the documents were placed before the AO who has not taken note thereof for the reasons best known to...

  3. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

  4. Addition u/s 68 - the additional ground raised by the assessee that addition cannot be made u/s 68 of the Act on the basis of the bank statement is rejected.

  5. Addition u/s 68 - undisclosed share application monies received from 5 companies - AO could have carried out independent verification of all the parties by issuing...

  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 on account of share capital - assessee has filed sufficient documents e.g. PAN, bank statements, etc. to establish the identities and creditworthiness -...

  8. Addition u/s 68 - share premium money - the assessee has discharged the onus cast upon it by filing the necessary documents before the AO as well as CIT(A). Moreover in...

  9. Addition u/s 68 - assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants, thereafter the onus shifted to AO to...

  10. Addition u/s 68 - In the given case, AO has not carried out any useful investigation but merely followed the previous pattern of investigation and completed the...

 

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