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Income Tax - Highlights / Catch Notes

Home Highlights June 2017 Year 2017 This

Addition u/s 68 - if the depositor a partner or any other ...

Income Tax

June 10, 2017

Addition u/s 68 - if the depositor a partner or any other individual owns the entry then the burden of the assessee firm is discharged. It is immaterial whether credits in the name of partners are reflected in the partner’s capital account or current capital account. - AT

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  1. Addition u/s 68 of the Income Tax Act - capital introduced by the partner - the partner who introduced the capital has confirmed and owned the same – no addition - AT

  2. Addition u/s 68 - depositor is one of the directors of the company - To discharge the burden which Section 68 casts upon the assessee, at least some plausible...

  3. Addition u/s 68 - unexplained cash credit - capital contribution in cash by the partners - While deleting the additions, the Tribunal held that, if the Ld. AO was not...

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

  5. Unexplained cash credit u/s 68 - cash received from partners - difference pointed out by the AO as capital introduced by both the partners of the assessee firm different...

  6. TDS credit - refund of TDS reflected in his Form-26AS - tax liability was created against the firm but crediting in the account of partner / individual - no dispute that...

  7. Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

  8. Additions u/s 68 - Unsecured loans - partnership firm - Making addition of unsecured loans relating to the partnership firm in the hands of the assessee is bad in law...

  9. Additions u/s 68 - Once the receipt of deposits from the depositors is held to be genuine, the consequent disallownace of interest made by the Assessing Officer would...

  10. Disallowance of interest expenses – partners are entitled to hold the properties belonging to the partnership firm in their individual name, provided it is explicitly...

 

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