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Income Tax - Highlights / Catch Notes

Home Highlights March 2019 Year 2019 This

Additions u/s 68 - loans received from eight different companies ...

Income Tax

March 11, 2019

Additions u/s 68 - loans received from eight different companies and interest paid thereon - if these loans were not genuine, then in that eventuality the same would not have been repaid - No additions.

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  1. Additions u/s 68 - unexplained unsecured loans - CIT(A) had rightly deleted the addition towards loans received from the companies in the same group

  2. 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...

  3. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

  4. Loan received assessed as income u/s 68 - loan received from companies - loans were taken for a period of two months and have been repaid back with interest - Tax has...

  5. Addition u/s 68 - unsecured loans received - sole reason for confirming the addition was low income tax return in the year of issue whereas it was contended that it is...

  6. Addition u/s 68 on account of unsecured loans received - Since the loan amount has been held by us as genuine, the corresponding interest payment made thereon after...

  7. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  8. Addition u/s 68 - In this case, the AO has made additions only on the basis of statement recorded from third party ignoring various evidences filed by the assessee to...

  9. 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...

  10. Addition u/s 37(1) - disallowing interest provided on loan - loan was used to purchase shares - Assessee received loan in earlier years on which interest is also paid...

 

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