Addition u/s 68 - Simply because the directors/shareholders did ...

Section 68: Income Tax Addition Invalid if Directors or Shareholders Don't Appear Before Assessing Officer.

October 10, 2018

Case Laws Income Tax AT

Addition u/s 68 - Simply because the directors/shareholders did not present themselves before the Assessing Officer, an addition u/s 68 cannot be made.

View Source

← Previous Next →

Addition u/s 68 - Simply because the directors/shareholders did ...

Section 68: Income Tax Addition Invalid if Directors or Shareholders Don't Appear Before Assessing Officer.

October 10, 2018

Case Laws Income Tax AT

You may also like:

The ITAT partially allowed the assessee's appeal, directing deletion of several additions and modifications to income calculations. Key outcomes include: (1) commission...

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...

Bogus shareholders – when full details known to department, no additions be made u/s 68 - HC

Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

Addition u/s 68 - unexplained share subscription from various parties - onus to proof - From the above facts it is obvious that the Ld.AO of the shareholders have...

Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

The ITAT upheld the addition under Section 68 of the Income Tax Act regarding unsecured loans and share capital. Despite the Assessee's claims of secured loans from...

Restraint on shareholders of Zee Entertainment Enterprises Limited from calling for and holding an Extra Ordinary General Meeting - The procedure for appointment of...

Addition u/s 68 - buyback was not genuine and added back the buyback amount as unexplained income - Section 68 of the Income Tax Act, 1961, which deals with unexplained...

The ITAT held that the assessment years 2009-10, 2010-11 and 2011-12 were beyond the 10-year limitation period u/s 153C read with Explanation-1 to section 153A. Hence,...

Meaning of the term "Chief Commissioner" extended to include Director General of Income-tax and Principal Director General of Income-tax - Section 2(15A) of the...

Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

ITAT ruled that additions under section 68 were invalid as the assessee had not maintained books of accounts, making the provision inapplicable. The Tribunal noted that...

Addition under section 68 being share capital received and addition under section 69C on account of commission - some of Directors did not appear in the case of assessee...

Quick Updates: