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Income Tax - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

Addition u/s 68 - assessee was unable to produce the Director of ...

Income Tax

May 1, 2023

Addition u/s 68 - assessee was unable to produce the Director of lender company so the identity of lender is not established - When the interest income of lender stands accepted by the Department, then the loan disbursed by it to earn that income cannot be considered to be tainted, by attributing suspicion to the identity or creditworthiness of sources of lender. - AT

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  1. Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

  2. Addition u/s 68 - unexplained cash credit - Merely because the lenders have not shown the interest income in their return of income, does not mean the assessee has not...

  3. Addition u/s. 68 - on the amounts received as loan, assessee had paid interest and had also deducted TDS on the interest paid. The factum of lending the money through...

  4. Addition u/s 68 - share capital and share premium - allegation regarding identity and creditworthiness - non appearance of director - addition cannot be sustained merely...

  5. Addition of unexplained credit u/s 68 - assessee could not produce the party for examination before AO or CIT(A) - balance sheet of the lender clearly shows that the...

  6. Addition u/s. 68 - unexplained share capital and premium - the assessee company concealed its own identity, address as well as the identity and address of its directors....

  7. Addition u/s 68 - genuineness of the loan transaction - The submission that the AO should have issued notices to the lender i.e., GWPL does not impress us. The reason...

  8. Addition u/s 68 - unexplained deposits in bank account - The assessing officer has made the addition simply because the assessee failed to produce the lender. Merely...

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  10. Addition u/s 68 - assessee submitted all details alongwith affidavit of lenders - all lender also confirm in response to notice 133(6) - all the three ingredients such...

 

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