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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Addition u/s 68 - AO neither find any fault with the documents ...

Income Tax

August 12, 2019

Addition u/s 68 - AO neither find any fault with the documents furnished by the assessee nor make any independent enquiry with the share applicants in order to find out the veracity of the submissions made by the assessee, it has to be presumed that the AO was satisfied with the details furnished - no addition

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  1. Addition u/s 68 - share capital and premium - Making investment through cash in itself raises doubt and the assessee has merely furnished confirmation from said...

  2. 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...

  3. 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...

  4. Addition u/s 68 - non independent application of mind - accommodation entries - share application money - Mere non production of Director of said share holder company...

  5. Additions u/sec 68 in respect of sale of shares and u/sec 69 in respect of estimated commission expenditure - The Tribunal, relying upon the judicial precedents, found...

  6. Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

  7. 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...

  8. Unexplained cash credit addition u/s 68 - share application money - the assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the...

  9. Assessee neither challenged reopening nor has been able to disprove the finding of AO - penalty leviable u/s 271(1)(c) as assessee furnished inaccurate particulars and...

  10. Non disapproving the documents furnished by the assessee to discharge the initial burden placed upon it u/s 68 - additions deleted - AT

 

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