Cash credit u/s 68 - assessee is a partner has declared income ...

Income Tax

August 19, 2023

Cash credit u/s 68 - assessee is a partner has declared income under IDS 2016 but the declaration failed as the taxes due on income declared was not paid by the firm - the income belonging to the firm whether disclosed or undisclosed can be taxed only in the hands of the firm and not in the hands of the partner. - AT

View Source

← Previous Next →

Cash credit u/s 68 - assessee is a partner has declared income ...

Income Tax

August 19, 2023

You may also like:

Treatment to income Declared under IDS-2016 - undisclosed income U/s. 68 r.w.s 115BBE OR capital gains - Merely because the assessee failed to discharge the tax...

Credit of TDS - tds deducted on the interest income which accrued the investments offered to tax under the ‘Income Declaration Scheme 2016’ - If after the necessary...

Protective assessment - assessee had declared the income under the income tax declaration scheme 2016 - Once declaration of the same income under the IDS, 2016 has been...

CBDT issues another Clarifications on the Income Declaration Scheme, 2016 (IDS)

Unexplained cash credit u/s 68 - cash received from partners - difference pointed out by the AO as capital introduced by both the partners of the assessee firm different...

Undisclosed income - uring the course of search cash sum was found - If the Ld. A.O was not satisfied with the cash in hand shown by the assessee and individuals as on...

Validity of Declaration made under Income Declaration Scheme, 2016 (‘IDS’) - opportunity of hearing - misrepresentation or suppression of facts - there is no provision...

Addition u/s 68 - unexplained cash credit - capital contribution in cash by the partners - While deleting the additions, the Tribunal held that, if the Ld. AO was not...

Income Declaration Scheme, 2016 (IDS) - declaration was rejected on the ground that he had failed to pay the tax, surcharge and penalty before due date - Admittedly,...

Order under section 119 of the Income-tax Act, 1961 - Income Declaration Scheme, 2016 - Order-Instruction

Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

Application under Direct Tax Vivad Se Vishwas Act, 2020 (DTVSV Act). - Seeking Adjust/give credit to the amount paid by petitioner under the Income Declaration Scheme,...

Exemption from wealth-tax in respect of assets specified in declaration - THE INCOME DECLARATION SCHEME, 2016

Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

Addition u/s 68 - unexplained credit - Onus to prove - share capital introduced - the assessee failed to explain the sources of investment of cash of Rs. 10 lacs each by...

Quick Updates: