Addition u/s 68 - proper action is required to be taken in the ...

Section 68: Target Individuals, Not Companies, for Income Tax Credits to Ensure Proper Action.

March 11, 2014

Case Laws Income Tax AT

Addition u/s 68 - proper action is required to be taken in the hands of the persons in whose accounts the credit is appearing instead of invoking the provisions of Section 68 in the case of the company-assessee - AT

View Source

← Previous Next →

Addition u/s 68 - proper action is required to be taken in the ...

Section 68: Target Individuals, Not Companies, for Income Tax Credits to Ensure Proper Action.

March 11, 2014

Case Laws Income Tax AT

You may also like:

Levy of penalty on the Director of the Company - Valuation of imported goods - import of luxury vehicles by misusing the Transfer of Residence (TR) Scheme - The Tribunal...

Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

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...

The court held that action against directors cannot be directly taken u/s 179, and where the company's name is struck off, action can still be taken against the company...

The Appellate Tribunal upheld the Addition u/s 68 of the Income Tax Act for share application money received from various individuals. The company failed to prove the...

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...

The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

The ITAT held that since the income of the amalgamating company was included in the amalgamated company's income u/s 199(1) read with Section 198, the credit for TDS and...

Manpower recruitment or supply agency service - reverse charge - An employer-employee relationship exists between the agency and the individual and not between the...

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

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...

Unexplained cash credits u/s 68 - Companies are artificial or juristic persons but they are soulless and are dependent upon the individuals behind them who run and...

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 core summary is that banks constituted as 'corresponding new banks' under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not covered...

Quick Updates: