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Income Tax - Highlights / Catch Notes

Home Highlights April 2018 Year 2018 This

Addition u/s 68 - The PAN of the companies only prove their ...

Income Tax

April 12, 2018

Addition u/s 68 - The PAN of the companies only prove their existence, and nothing else which is required u/s 68 of the Act - It does not does not prove the creditworthiness and the genuineness of the transactions - AT

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  1. Additions u/s 68 - Merely by providing the Income Tax Return and PAN number is not enough to establish the creditworthiness and genuineness of the unsecured loans.

  2. Addition on account of un-explained loan - assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of...

  3. Unsecured loan obtained from companies u/s 68 – Creditworthiness and genuineness of transaction – assessee was rerouting its own funds was based on surmise - no addition - HC

  4. 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...

  5. Addition u/s 68 - creditworthiness and the genuineness of the transactions - it is the satisfaction of the Assessing Officer but not of the Commissioner of Income Tax...

  6. Addition u/s 68 - onus to prove the identity, creditworthiness and genuineness of the share applicants - Both the nature & source of the share application received was...

  7. Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

  8. Power of CIT(A) in enhancing the addition - violating the law u/s 251(2) - enhancement of addition made u/s. 68 - the assessee had discharged its onus to prove the...

  9. Addition u/s 68 - assessee has discharged its onus to prove the creditworthiness and genuineness of the lender, there was no requirement in law for the assessee to prove...

  10. 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...

 

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