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Income Tax - Highlights / Catch Notes

Home Highlights May 2021 Year 2021 This

Addition under section 68 being share capital received and ...

Income Tax

May 1, 2021

Addition under section 68 being share capital received and addition under section 69C on account of commission - some of Directors did not appear in the case of assessee - the assessee-company has been able to prove the identity of the Investor, its creditworthiness and genuineness of the transaction in the matter. - Additions deleted - AT

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  1. Addition u/s 68 - share capital and share premium - allegation regarding identity and creditworthiness - non appearance of director - addition cannot be sustained merely...

  2. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

  3. Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

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

  6. 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...

  7. Addition u/s 68 - assessee has substantiated the transaction regarding share application money received by it was genuine transaction and the same were not accommodation...

  8. Addition u/s 68 - Unexplained share transactions - Consideration received other than cash - There are no details on facts as to what was the investment which was made by...

  9. Addition u/s 68 - It is a simple case of switch over of investments from one company to another and is not the case of fresh loan received during the year. We thus find...

  10. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

 

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