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Income Tax - Highlights / Catch Notes

Home Highlights February 2013 Year 2013 This

Addition u/s. 68 - unless the bank statement are supported by ...


New Rule: Section 68 of Income Tax Act Demands More Than Bank Statements to Prove Donor Creditworthiness.

February 6, 2013

Case Laws     Income Tax     AT

Addition u/s. 68 - unless the bank statement are supported by any other corroborative evidence to establish the financial capacity of the donors the bank statements do not prove the credit worthiness - AT

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  8. Gift from brother - Creditworthiness and genuineness of donor - The assessee could not produce the statement of cash flow to show that the gift was genuine one -...

  9. Charitable society received cash credits from a non-resident individual, offered as taxable income. AO doubted credibility of donor based on his wife's statement about...

  10. Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

  11. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

  12. Addition of unexplained share application money u/s 68 - Apart from furnishing the financial statement, bank statements and ITRs assessee could not produce any of the...

  13. Unexplained loans - assessee was required to prove the capacity of the creditors to advance money, but the assessee could not produce the bank statement or other...

  14. ITAT held that the addition under Section 68 for unsecured loans was inappropriate. The tribunal found the assessee established creditor identity through PAN,...

  15. Addition u/s 68/56(2)(v) - Donors very grim financial background does not justify gift of such a large sum, creditworthiness/financial capacity of donors not proved....

 

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