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Income Tax - Highlights / Catch Notes

Home Highlights December 2019 Year 2019 This

Additions u/s 68 - Unsecured loans from non genuine companies - ...

Income Tax

December 3, 2019

Additions u/s 68 - Unsecured loans from non genuine companies - upon physical verification, companies were not found at the given address - the burden shifted on the assessee to controvert the material brought on record by the AO. - Additions confirmed.

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  8. Additions u/s 68 - Merely by providing the Income Tax Return and PAN number is not enough to establish the creditworthiness and genuineness of the unsecured loans.

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  10. Unsecured loan obtained from companies u/s 68 – Creditworthiness and genuineness of transaction – assessee was rerouting its own funds was based on surmise - no addition - HC

 

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