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Income Tax - Highlights / Catch Notes

Home Highlights September 2022 Year 2022 This

Penalty u/s 271(1)(c) - Addition for unsecured loan u/s 68 - the ...

Income Tax

September 15, 2022

Penalty u/s 271(1)(c) - Addition for unsecured loan u/s 68 - the assessee was not found able to substantiate the explanation pertaining amount of unsecured loan received, but the assessee successfully proved that the explanation is bona fide and all the material facts relating to the same was disclosed by him before the authorities below - No penalty - AT

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  1. Penalty u/s 271(1)(c) on addition made u/s 68 - the assessee has given sufficient explanation though not found satisfactory by AO - No merit in levying penalty.

  2. Additions u/s 68 - Unsecured loans - partnership firm - Making addition of unsecured loans relating to the partnership firm in the hands of the assessee is bad in law...

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