Addition u/s 68 - creditworthiness and the genuineness of the ...

Assessing Officer, Not CIT(A), Evaluates Creditworthiness and Genuineness u/s 68 of Income Tax Act.

December 18, 2013

Case Laws Income Tax HC

Addition u/s 68 - creditworthiness and the genuineness of the transactions - it is the satisfaction of the Assessing Officer but not of the Commissioner of Income Tax (Appeals) - HC

View Source

← Previous Next →

Addition u/s 68 - creditworthiness and the genuineness of the ...

Assessing Officer, Not CIT(A), Evaluates Creditworthiness and Genuineness u/s 68 of Income Tax Act.

December 18, 2013

Case Laws Income Tax HC

You may also like:

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided....

Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Addition u/s 68 - buyback was not genuine and added back the buyback amount as unexplained income - Section 68 of the Income Tax Act, 1961, which deals with unexplained...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

The assessee successfully discharged the onus u/s 68 regarding share capital introduced by the company director, a major shareholder, proving identity, creditworthiness,...

This case revolves around the addition of cash deposits u/s 68 of the Income Tax Act, where the assessees failed to provide credible explanations regarding the source....

Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

The assessee company received share capital and share application money from 13 share applicants. The Assessing Officer (AO) made an addition u/s 68, alleging that the...

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.

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

The ITAT allowed the assessee's appeal. The assessee furnished all evidence proving identity, creditworthiness of investors, and genuineness of transactions regarding...

Unexplained share capital and premium received by assessee company was its own unaccounted money flowing back in form of premium on share allotment. Assessee filed...

Reopening of assessment - Addition u/s 68 - unsecured loans treated as bogus - reassessment merely based on information from investigation wing held unjustified. Powers...

Quick Updates: