Addition u/s 68 - If assessee had discharged its onus to prove ...

Assessee's Proof of Share Applicants Shifts Burden to AO u/s 68: PAN, Bank Statements, and More Key.

March 6, 2019

Case Laws Income Tax AT

Addition u/s 68 - If assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by placing PAN details, bank account statements, audited financial statements and Income Tax acknowledgments then the onus shifted to AO to disprove the materials placed before him. Without doing so, the addition made by the AO will not sustain.

View Source

← Previous Next →

Addition u/s 68 - If assessee had discharged its onus to prove ...

Assessee's Proof of Share Applicants Shifts Burden to AO u/s 68: PAN, Bank Statements, and More Key.

March 6, 2019

Case Laws Income Tax AT

You may also like:

The assessee company received share capital and share application money from 13 share applicants. The Assessing Officer (AO) made an addition u/s 68, alleging that the...

Addition u/s 68 - unexplained share application money - The Tribunal noted that the assessee provided complete details of the share subscribers, their financial...

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...

Unexplained share application and Share Premium - Addition u/s 68 - The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the...

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

Addition u/s 68 - increase in share capital and share premium - As source of source is proved by the assessee in the instant case though the same is not required to be...

Addition u/s 68 - unexplained share application money - It is not a case that the assessee had filed merely a confirmatory letters of share applicants but it is a case...

The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal against the assessee company. The assessee had furnished all relevant documents and evidence to...

The ITAT Mumbai held that the burden of proof regarding the identity, creditworthiness, and genuineness of loan creditors lies with the assessee. Once the assessee...

ITAT held that the revisionary proceedings u/s 263 were valid and the assessee cannot challenge the order since it had attained finality. In the substantive matter...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Addition u/s 68 - assessee submitted all the necessary details in support of the share applicant and share premium receipt - The A.O. has not pointed out any defect in...

The addition made u/s 68 for bogus share application money receipts was solely based on the statement of an unrelated third party, Shri Pravin Kumar Jain, recorded...

The assessee received share application money and premium from a company that admitted to providing accommodation entries. The AO rejected the assessee's claim, citing...

Addition u/s 68 - addition on account of share application money - The identity of the above share applicants was also independently verified by the inspectors during...

Quick Updates: