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Income Tax - Highlights / Catch Notes

Home Highlights September 2019 Year 2019 This

Addition u/s 68 - Loans taken from non-resident Indians - the ...

Income Tax

September 14, 2019

Addition u/s 68 - Loans taken from non-resident Indians - the Revenue has taken the contradictory stand in two different assessment years. - No allegation of the Revenue that the assessee has provided funds from his unaccounted fund to the lenders to get its unaccounted fund in the accounting form - Addisons deleted - AT

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  1. Protective addition made in the hands of the assessee - addition u/s 68 - the Revenue cannot take different stand in respect of these two assessee.

  2. Addition u/s 68 – Amount claimed to be exempted as gift received from non-resident Indians - genuineness of the transaction is not established by the assessee - HC

  3. Whether the appellant had violated Section 9(1)(b) of FERA - transaction to sell the flats to the two directors were non resident Indians - decided in favor of appellant - HC

  4. Business Auxiliary service - payment of commission income to loan seakers - Different stand taken before income tax authority and service tax authority - matter goes...

  5. Unexplained credit u/s 68 - unsecured loan from registered NBFC and other companies - revenue failed to prove that loan were bogus - additions deleted.

  6. Non-resident guarantee for non-fund based facilities entered between two resident entities . - Circular

  7. TDS liability u/s 195 - payments made to the non-residents / father of the non-resident - The entire payment was made to the resident Indian who is also the father of...

  8. Addition u/s 68 - Unexplained loan - Neither any written contract nor any identity of the Creditor, having been established in the present case, we cannot find any fault...

  9. Section 195, would apply only if payments made from a resident to another non-resident and not between two nonresidents situated outside India. .... - SC

  10. 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...

 

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