Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2021 Year 2021 This

Addition u/s 68 - If the assessee could not produce the ...

Income Tax

April 6, 2021

Addition u/s 68 - If the assessee could not produce the Directors during the assessment proceedings in response to the summons issued by the Assessing Officer due to lack of time, then what prevented the Assessing Officer to ask the assessee to produce the Directors during the course of remand report when ample opportunity was given by the CIT (A) to him. - Thus onus cast upon the assessee was duly discharged - AT

View Source

 


 

You may also like:

  1. Addition u/s 68 - Loans unexplained - the tax authorities are not justified in placing reliance on the statement given by the director in a third party proceeding...

  2. Addition u/s 68 - unexplained share capital received by the assessee - Even if the directors of the subscriber companies have not come personally in response to the...

  3. Addition u/s 68 - Simply because the directors/shareholders did not present themselves before the Assessing Officer, an addition u/s 68 cannot be made.

  4. Penalty u/s. 271(1)(b) - Non response to notice issued in assessment proceedings - non response has already led to addition of the entire amount and the very purpose of...

  5. Addition u/s 69A - AO has to bring the summons proceedings to a logical conclusion - Merely because summoned person did not respond, cannot be held against assessee - AT

  6. Rectification u/s 254 - Sale of land - land in question were sold by the assessee in the capacity of power of attorney holder and AO has assessed the income in the hand...

  7. No notice u/s 143(2) issued - Assessment in the remand proceedings - During the assessment proceedings (second round) under section 143(3) r.w.s. 254 of the Act, the...

  8. Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

  9. Revision u/s 263 - Unexplained cash deposits - Merely because documents, noted by the AO to be produced by the creditor of source of cash deposit in response to summons...

  10. Addition u/s 68 - It cannot be held that suppliers were not genuine only because summons u/s 133(6) were not served. - AT

 

Quick Updates:Latest Updates