Addition u/s 68 - unexplained cash credits - mere recording of ...

New Section 68 Rules: Recording Statements and Tax Returns Insufficient for Proving Creditworthiness or Transaction Genuineness.

July 10, 2017

Case Laws Income Tax AT

Addition u/s 68 - unexplained cash credits - mere recording of the statement and filing acknowledgement of ITR would not be sufficient to prove the creditworthiness of the creditors and genuineness of the transaction in the matter.

View Source

← Previous Next →

Addition u/s 68 - unexplained cash credits - mere recording of ...

New Section 68 Rules: Recording Statements and Tax Returns Insufficient for Proving Creditworthiness or Transaction Genuineness.

July 10, 2017

Case Laws Income Tax AT

You may also like:

Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3)...

Smuggling - burden to prove - invocation of Section 123 - the statement recorded under Section 108 of the Customs Act, 1962 made before the customs officers is not a...

Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only...

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...

The addition made u/s 68 for bogus share application money receipts was solely based on the statement of an unrelated third party, Shri Pravin Kumar Jain, recorded...

TDS returns - Due dates - Rule 31A prescribing due dates for furnishing TDS statements amended

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Supplementary refund of unutilized input tax credit pertaining to Compensatory Cess - Section 164 of the GST Act empowers the Government to frame rules. Refund of...

The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal against the assessee company. The assessee had furnished all relevant documents and evidence to...

The GoI's MoF through CBDT issued Income-tax (twelfth Amendment) Rules, 2025, effective 1st April 2025, amending Income-tax Rules, 1962. Key modifications include...

Addition u/s 68 cannot be made solely based on sworn statement recorded u/s 132(4) without corroborative materials. Onus lies on the Department to collect cogent...

Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

HC ruled penalty proceedings under sections 271D and 271E require explicit satisfaction to be recorded by Assessing Officer during reassessment. Mere recording of...

Quick Updates: