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Income Tax - Highlights / Catch Notes

Home Highlights November 2018 Year 2018 This

Addition u/s 68 - AO cannot sit back with folded hands till the ...

Income Tax

November 20, 2018

Addition u/s 68 - AO cannot sit back with folded hands till the assessee exhausts all the evidence or material in his possession and then come forward to merely reject the same, without carrying out any verification or enquiry into the material placed before him.

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  1. Additions u/s 68 - Any appellate authority cannot reject the evidences without any discussion or reason. The CIT (A) has not mentioned as to what more evidence were...

  2. 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.

  3. Protective addition made in the hands of the assessee - addition u/s 68 - the Revenue cannot take different stand in respect of these two assessee.

  4. Addition u/s 68 - unexplained cash credit - share application money receipts - Even though there were circumstances leading to suspicion, yet having taken an action...

  5. Addition u/s 68 - unexplained share capital - Even though there were circumstances leading to suspicion, yet having taken an action u/s.132 and enquiries made in the...

  6. Addition u/s 68 – Genuineness of transaction in shares - genuine or sham and bogus – Revenue in failing to discharge the basic onus - inquiry was not carried forward -...

  7. 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...

  8. Benefit u/s 11(1A) - Once the AO has accepted the plea that transfer took place in AY 2008-09 and assessed income under long term capital gains in the hands of Assessee,...

  9. Addition u/s 68 - share application money/share capital and share premium as unexplained - The onus was on revenue to dislodge assessee’s documentary evidences and rebut...

  10. 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...

 

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