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Income Tax - Highlights / Catch Notes

Home Highlights November 2022 Year 2022 This

Addition u/s 68 - bogus accommodation entry - There is no ...

Income Tax

November 19, 2022

Addition u/s 68 - bogus accommodation entry - There is no presumption that the people having smaller income cannot make small savings. Moreover, there is no linkage on record of these persons, the company allegedly providing bogus entries - the addition is totally on hypothesis which is not sustainable in law - AT

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  1. Accommodation of bogus transaction - entry operator - Presumption of Section 132(4A) stood against the assessee - complete onus to negate the same was on assessee which...

  2. Clarification on Interest Rates on Small Savings Schemes.

  3. Addition made u/s 68 - availability of opening capital balance cannot be discounted altogether - it may not be proper to altogether reject the claim of savings from past...

  4. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

  5. Bogus purchases - addition @ 12.5% of the bogus purchases - accommodation entries - no actual delivery of goods - notices issued u/s 133(6) were returned back unserved...

  6. Bogus shareholders – when full details known to department, no additions be made u/s 68 - HC

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  8. Addition under Section 68 - Accommodation entries - the addition under Section 68 cannot be made in the case of the conduit companies. - AT

  9. Addition u/s 68 – Genuineness of transaction in shares - genuine or sham and bogus – Revenue in failing to discharge the basic onus - inquiry was not carried forward -...

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

 

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