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Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Addition u/s 68 - genuineness of the creditors - the burden ...

Income Tax

March 2, 2017

Addition u/s 68 - genuineness of the creditors - the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness after receiving the names and addresses of the creditors - AT

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  1. Addition u/s. 68 being unsecured loans - onus to prove - The ITAT held that, primary onus can be discharged by establishing/furnishing the proof of the identity of the...

  2. Addition u/s 68 - whether an assessee who has taken a loan is bound to produce the source of source? - Held No - The appellant having proved the identity and credit...

  3. Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

  4. Addition u/s 68 - genuineness of transactions - Authorities below have not further discharged the onus shifted onto their shoulders to bring on record any positive...

  5. Addition u/s 68 - The burden is very heavy on the assessee to satisfy cumulatively the ingredients of Section 68 as to identity and establish the credit worthiness of...

  6. 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...

  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 unsecured loan - the necessary papers to establish genuineness of the transaction were filed and the assessee had proved beyond doubt the identity of the...

  9. Addition u/s 68 - Unexplained cash creditors - once it is established that it is the creditors' money that has found its way in the books of the assessee, no adverse...

  10. Addition u/s 68 - assessee has received share application money as unexplained - In the instant case, assessee has only established identity of the creditor,...

 

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