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Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Addition u/s 68 - assessee submitted all details alongwith ...

Income Tax

April 12, 2019

Addition u/s 68 - assessee submitted all details alongwith affidavit of lenders - all lender also confirm in response to notice 133(6) - all the three ingredients such as identities of the parties, capacity and creditworthiness of the parties and genuineness proved - addition unsustainable

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  1. Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

  2. Addition u/s 68 - unexplained cash credit - Merely because the lenders have not shown the interest income in their return of income, does not mean the assessee has not...

  3. Addition u/s 68 - unsecured loans treated as unexplained credit - Onus to prove - AO merely issued show cause notice to the lenders and apparently stopped without making...

  4. Addition u/s 68 - assessee was unable to produce the Director of lender company so the identity of lender is not established - When the interest income of lender stands...

  5. Addition of unexplained credit u/s 68 - assessee could not produce the party for examination before AO or CIT(A) - balance sheet of the lender clearly shows that the...

  6. Addition u/s 68 - taxation u/s 115BBE - the assessee vehemently argued that the assessee has already repaid the entire loan amount of 14 lenders, the details of whom...

  7. Addition u/s. 68 - on the amounts received as loan, assessee had paid interest and had also deducted TDS on the interest paid. The factum of lending the money through...

  8. Addition u/s 68 - genuineness of the loan transaction - The submission that the AO should have issued notices to the lender i.e., GWPL does not impress us. The reason...

  9. Addition u/s 68 - share application money alongwith premium - in response of the AO notices u/s 131/133(6) all investors having replied and support of the correctness of...

  10. 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...

 

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