Addition u/s 68 - Creditworthiness of the Loan Lender - ...

Tribunal Orders Detailed Probe into Loan Creditor's Creditworthiness; Appellant to Submit Proof u/s 68.

May 16, 2024

Case Laws Income Tax AT

Addition u/s 68 - Creditworthiness of the Loan Lender - Genuineness of the Transaction - The Tribunal set aside the matter to the AO for a thorough examination of the creditworthiness of the loan lender. The appellant is required to furnish all necessary documents to establish the authenticity and creditworthiness of the loan creditor. The AO is instructed to allow reasonable opportunity for the appellant to present supporting evidence.

View Source

← Previous Next →

Addition u/s 68 - Creditworthiness of the Loan Lender - ...

Tribunal Orders Detailed Probe into Loan Creditor's Creditworthiness; Appellant to Submit Proof u/s 68.

May 16, 2024

Case Laws Income Tax AT

You may also like:

ITAT held that the addition under Section 68 for unsecured loans was inappropriate. The tribunal found the assessee established creditor identity through PAN,...

Addition u/s 69A/68 - assessee has filed confirmations of the depositors/creditors with full address, PAN, complete details of cheque amount & number loans/deposits; etc....

ITAT restored additions u/s 68 relating to 12 creditors where assessee failed to establish creditworthiness despite transactions through banking channels. Mere provision...

The ITAT upheld the addition under Section 68 of the Income Tax Act regarding unsecured loans and share capital. Despite the Assessee's claims of secured loans from...

Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

The Appellate Tribunal held that the Assessing Officer erred in making additions u/s 68 for unsecured loans and disallowing interest component. The assessee demonstrated...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

Addition of unsecured loan u/s 68 - interest free unsecured loan received from a close friend in Dubai to fund ongoing project with a condition that amount will be...

Addition u/s 68 - Unexplained loan - Neither any written contract nor any identity of the Creditor, having been established in the present case, we cannot find any fault...

Addition u/s 68 and 69C - It is neither the AO’s case that the loan creditors are not income-tax assessee’s nor has he alleged that the documents and evidences furnished...

ITAT upheld AO's jurisdiction to examine undisclosed share transaction investments under limited scrutiny assessment. AO's examination of unsecured loans was deemed...

Validity of assessment under section 153A - addition u/s 68 - By simply referring to General findings of investigations wing at Kolkata entry operators providing bogus...

Unsecured loan received from the directors - Additions u/s 68 - The explanation offered by the assessee that the bank account and the capacity of the creditor who have...

Bogus loans u/s 68 - unsecured loans from the three loan creditors and interest on loans - reliance on third party statement - The ITAT upheld the CIT(A)'s order,...

Quick Updates: