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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Addition u/s 68 - undisclosed cash credit - accommodation ...

Income Tax

October 1, 2018

Addition u/s 68 - undisclosed cash credit - accommodation entries - The surrounding circumstances and test of Human probabilities also shows that there is no reason to invest those companies in the shares of the assessee company at such a huge premium - additions confirmed.

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  1. Taxability may be decided on the basis of probable normal human conduct, surrounding circumstances, preponderance of probabilities & legal propositions - ITAT

  2. Unexplained cash credit u/s 68 - Undisclosed bank account - the assessee has not filed any satisfactory explanation or documentary evidence either before authorities...

  3. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

  4. 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...

  5. Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

  6. Addition u/s 68 - cash credit - the alleged surplus cash accumulated in the cash book out of the withdrawals from the bank is to be considered as source of re-deposit - AT

  7. Addition u/s 68 - accommodation entry - additions made on the basis of retracted statements - amount received during the earlier years - assessee has furnished all the...

  8. Addition unexplained cash credit u/s 68 - shares were issued at premium to certain companies in lieu of the shares held by the said companies and there was thus no...

  9. Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

  10. Addition u/s 68 - Cash deposits in bank account as undisclosed income - Section 68 makes it clear that in respect of a cash credit entry the explanation offered by the...

 

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