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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

When the genuineness of the transaction has not been doubted by ...

Income Tax

June 21, 2018

When the genuineness of the transaction has not been doubted by the lower authorities as also the importance of urgency of raising cash loan, the penalty u/s 271D & 271E ought not to have been levied

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  1. Penalty u/s 271D – Cash loans received from creditors – the genuineness of the creditors have been verified and the transactions were never doubted by the Authorities...

  2. 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...

  3. 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...

  4. Exemption of purchase Tax – Genuineness of the transactions - Goods bought prior to cancellation of registration – When the said dealer has not proved the genuineness...

  5. Addition under S.69 - unexplained investment - Merely on the ground that confirmation letter was filed by another person, the genuineness of the transaction cannot be...

  6. Setoff of short term loss from shares with short term capital gain - Genuineness of loss - the AO could not have on one hand accepted the genuineness of the transaction...

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  8. Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

  9. Valuation of Vessel - Whether the transaction value of the vessel is to be priced mentioned in the original MOA or the reduced price indicated in the addendum? - the...

  10. Genuineness of expenditure - Before the lower authorities no books of accounts were produced to show the genuineness of the expenses claimed on how the transactions have...

 

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