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Income Tax - Highlights / Catch Notes

Home Highlights October 2023 Year 2023 This

Addition u/s 68 - Applicability of higher rate of tax u/s 115BBE ...

Income Tax

October 13, 2023

Addition u/s 68 - Applicability of higher rate of tax u/s 115BBE - Sourcing unsecured loan against Cash Deposit - the assessee has failed to explain the source of cash deposit to her bank account - The amount remained unexplained and the AO was right in making the addition - Addition made u/s. 68 with higher rate u/s. 115BBE - AT

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  1. 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...

  2. Additions u/s 68 - Unsecured loans - partnership firm - Making addition of unsecured loans relating to the partnership firm in the hands of the assessee is bad in law...

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  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.

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

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