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Income Tax - Highlights / Catch Notes

Home Highlights May 2018 Year 2018 This

Additions u/s 68 - Unsecured loans - partnership firm - Making ...

Income Tax

May 2, 2018

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 and unsustainable - AT

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  1. Additions u/s 68 - unexplained unsecured loans - CIT(A) had rightly deleted the addition towards loans received from the companies in the same group

  2. Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

  3. Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits – Very genuineness of the transaction was not...

  4. Unexplained credit u/s 68 - unsecured loan from registered NBFC and other companies - revenue failed to prove that loan were bogus - additions deleted.

  5. Addition u/s 68 - In this case, the AO has made additions only on the basis of statement recorded from third party ignoring various evidences filed by the assessee to...

  6. 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.

  7. Addition u/s 68 - unsecured loan - ITAT, turning a blind eye, has erred in holding that, assessee has discharged his onus merely because the money was advanced through...

  8. 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

  9. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

  10. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

 

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