Additions u/s 68 - assessee has discharged the onus cast on it ...

Assessee Proves Compliance with Section 68 of Income Tax Act; No Bogus Share Capital or Extra Tax Liabilities Found.

July 30, 2019

Case Laws Income Tax AT

Additions u/s 68 - assessee has discharged the onus cast on it by proving all the three ingredients of section 68, namely, the identity and credit worthiness of the persons and the genuineness of the transaction. Further, it is not a case of issue of any bogus share capital with high premium. - No additions.

View Source

← Previous Next →

Additions u/s 68 - assessee has discharged the onus cast on it ...

Assessee Proves Compliance with Section 68 of Income Tax Act; No Bogus Share Capital or Extra Tax Liabilities Found.

July 30, 2019

Case Laws Income Tax AT

You may also like:

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

Addition u/s 68 - unexplained credit - Onus to prove - share capital introduced - the assessee failed to explain the sources of investment of cash of Rs. 10 lacs each by...

Unexplained cash credits u/s 68 were added due to assessee's failure to discharge onus regarding bogus share capital including premium receipts. Despite filing...

Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

The assessee was a member of syndicates (association of persons or body of individuals) and had received share of profits from them. The tax authorities sought to tax...

Income Tax: Tax on distributed income of domestic company for buy-back of shares to be treated as dividend in hands of shareholders. Cost of acquisition of shares bought...

Assessee company successfully proved genuineness of share capital and share premium received from various private limited companies. Creditworthiness and identity of...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader...

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...

Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

The Commissioner of Income Tax (Appeals) confirmed additions from unsecured loans and capital introduced by the assessee during demonetization. The Assessing Officer...

The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

Assessee failed to declare Long Term Capital Loss (LTCL) on sale of shares of ECL and Long Term Capital Gain (LTCG) on sale of shares of Saya in the return of income....

Quick Updates: