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Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Addition u/s 68 - genuineness of the income - The complete ...

Income Tax

February 17, 2023

Addition u/s 68 - genuineness of the income - The complete details including the contract notes, financial ledgers, bank statement showing the relevant transactions and the audited financial statements of the broker, assert this fact that the assessee has earned a genuine commodity profit. - AT

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

  2. 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 -...

  3. Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits – Very genuineness of the transaction was not...

  4. Additions u/s 68 - Merely by providing the Income Tax Return and PAN number is not enough to establish the creditworthiness and genuineness of the unsecured loans.

  5. Addition of unexplained cash credit u/s 68 - whether nature and genuineness of the transaction of investment of Compulsorily Convertible Preference Shares ("CCPS") in...

  6. Addition u/s 68 – Amount claimed to be exempted as gift received from non-resident Indians - genuineness of the transaction is not established by the assessee - HC

  7. Unsecured loan obtained from companies u/s 68 – Creditworthiness and genuineness of transaction – assessee was rerouting its own funds was based on surmise - no addition - HC

  8. Additions u/s 68 - cash credit -AO doubted the creditworthiness or the genuineness of the transaction on the basis of mere presumption and suspicion without properly...

  9. Demand u/s 68 read with Section 41(1) - Trading liability - genuineness of the entities against whom trading liabilities have been shown - additions deleted - AT

  10. Addition u/s 68 - creditworthiness and the genuineness of the transactions - it is the satisfaction of the Assessing Officer but not of the Commissioner of Income Tax...

 

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