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Income Tax - Highlights / Catch Notes

Home Highlights May 2019 Year 2019 This

Revision u/s 263 - unsecured loan - AO after having received ...

Income Tax

May 20, 2019

Revision u/s 263 - unsecured loan - AO after having received relevant documents including confirmation has not taken pains to verify the veracity of loan transactions and the creditworthiness of the parties. AO after issuing notices u/s. 133(6), left the enquiry in between despite only 2 reply received out of 23 - it is case of lack of enquiry and not inadequate enquiry - revision sustained

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  1. Revision u/s 263 - assessee had utilized the unsecured loans for non business purpose and interest paid on the same has been claimed as business expenses - matter...

  2. Revision u/s 263 - during the course of assessment, the AO made an addition on account of unexplained cash credit of unsecured loan u/s 68 - AO omitted to disallow the...

  3. Revision u/s 263 - Directions of the Ld.CIT given to the AO to verify the unsecured creditors, unsecured loans, the AO in his fresh assessment order passed u/s 143(3)...

  4. 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

  5. Revision u/s 263 - Order of the AO in respect of unsecured loans, sundry creditors/liabilities and sundry debtors accepted by the AO is erroneous and prejudicial to the...

  6. Revision u/s 263 by CIT - inadequate v/s no enquiry - unsecured loan, difference in stock and late payment of PF & ESI - The Tribunal reviewed each of the contested...

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

  8. Revision u/s 263 - expenditure on purchased CDs on Jain Religion - AO had carried out detailed enquiries and taken a plausible view and accepted the assessee's treatment...

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

  10. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

 

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