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Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Addition u/s 68 - depositor is one of the directors of the ...

Income Tax

February 18, 2023

Addition u/s 68 - depositor is one of the directors of the company - To discharge the burden which Section 68 casts upon the assessee, at least some plausible explanation is required to be furnished, which must be backed by some reliable evidence. - the assessee has not discharged the burden which was cast u/s 68 - AT

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  1. Non disapproving the documents furnished by the assessee to discharge the initial burden placed upon it u/s 68 - additions deleted - AT

  2. Additions u/s 68 - Once the receipt of deposits from the depositors is held to be genuine, the consequent disallownace of interest made by the Assessing Officer would...

  3. Addition u/s 68 - share capital and share premium - any addition which deserved to be made should have been made in the hands of the share applicants who have shown...

  4. Addition u/s 68 - one of director of company admitted that the entire investment was bogus - Blank receipts after cash deposit were obtained from the share holders -...

  5. Addition u/s 68 - Unexplained cash deposits - Provision to section 68 inserted w.e.f. 1.4.2013 requires the assessee to prove the source of source. This proviso shall...

  6. Addition u/s 68 - unexplained credits - The burden to prove otherwise rested squarely on the revenue authorities. Unless the initial onus had been discharged by leading...

  7. Addition u/s 68 - cash credit in the books of accounts - issue of shares warrant - As assessee has submitted the complete details before the assessing officer and...

  8. Addition u/s 68 - LTCG on sale of penny stock - considering the vortex of evidences, the assessee has successfully discharged the onus cast upon him by provisions of...

  9. Addition made u/s 68 - onus to discharge the burden so cast upon assessee - The legislature did not introduce the proviso to section 68 of the Act with retrospective...

  10. Addition u/s 68 - if the depositor a partner or any other individual owns the entry then the burden of the assessee firm is discharged. It is immaterial whether credits...

 

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