Home Highlights July 2012 Year 2012 This

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1. Addition u/s. 68 being unsecured loans - onus to prove - The ITAT held that, primary onus can be discharged by establishing/furnishing the proof of the identity of the...

2. Revision u/s 263 by CIT - On going through the entire order of the ld. CIT(A), other than the theoretical rhetoric, no iota of tangible material has been brought on...

3. Addition u/s 68 - unsecured loans - addition only on the basis of the information received from the Investigation Wing ignoring - the investing company has sufficient...

4. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

5. Unexplained investment - Primary onus - The assessee has deposited cash in its ICICI Bank account on various occasions, and onus is very heavy on assessee to explain...

6. Once the assessee has discharged the initial onus to prove that the deduction is allowable, the onus to prove that the deduction is not admissible, shifts to the tax...

7. Addition u/s 68 - unexplained share capital receipts - Onus to prove -Addition u/s 68 - unexplained share capital receipts - Onus to prove - SC dismissed the SLP against...

8. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

9. Remittance from outside India - revenue v/s capital receipt - onus to prove - assessee could not discharge his onus and could not prove that the money has come out of...

10. Dis-allowance u/s 40A(2)(a) - remuneration paid to Directors - in absence of material on record to hold that payment of remuneration @ Rs. 3 lacs pm to the director was...

11. Investment from undisclosed source, USL, interest disallowance - All the bank statements of the loan parties have been duly submitted before the AO. The revenue has not...

12. Disallowance of directors remuneration u/s 40A(2)(a) - A.O by misconstruing the scope and gamut of Sec. 40A(2)(a) had disallowed the entire amount of the directors...

13. Gross profit on deficit of stock - Disclosure made by the assessee during the survey operation - survey operation under section 133A on the premises of the assessee -...

14. Addition u/s 68 - Unexplained share application money - onus to prove - In the case on hand, the assessee miserably failed to discharge the primary onus cast upon them -...

15. Addition u/s 68 - Unsecured Loans - onus to proof - Assessee had also paid interest on the unsecured loan after deducting TDS @20% which reveals that during subsequent...