Home Highlights September 2015 Year 2015 This

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1. Addition u/s. 68 being unsecured loans - onus to prove - The ITAT held that, primary onus can be discharged by establishing/furnishing the proof of the identity of the...

2. Unsecured loan u/s 68 - Bogus cash credits - where there is a statutory rebuttable presumption against the assessee, as in case of cash credits etc., u/s 68 or...

3. Addition u/s 68 - cash deposits during the demonetization period in SBNs - Proof of the source being the cash sales with necessary corroborative evidences - after...

4. Addition u/s 68 - unexplained share application money - The Tribunal noted that the assessee provided complete details of the share subscribers, their financial...

5. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

6. Addition u/s 68 - receipt of gift - the primary onus to establish the identity and creditworthiness of the concerned donors as well as the genuineness of the relevant...

7. Non disapproving the documents furnished by the assessee to discharge the initial burden placed upon it u/s 68 - additions deleted - AT

8. Addition u/s 68 - one of director of company admitted that the entire investment was bogus - Blank receipts after cash deposit were obtained from the share holders -...

9. Addition u/s 68 - accommodation entry - additions made on the basis of retracted statements - amount received during the earlier years - assessee has furnished all the...

10. Addition u/s 68 - genuineness and credit worthiness - It is evident that the assessee though has disclosed the source of the deposit but could not establish the nature...

11. Addition u/s 68 r.w.s. 115BBE - assessment framed u/s 143(3) - amount being inheritance from his father by way of will - Burden to prove - where the assessee has...

12. Addition u/s 68 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT

13. Addition u/s. 68 - allegation of accommodation entries taken by assessee - initial burden to prove - once the initial burden is discharged by the assessee the burden...

14. Addition u/s 68 - depositor is one of the directors of the company - To discharge the burden which Section 68 casts upon the assessee, at least some plausible...

15. Addition u/s 68 - the Tribunal noted the extensive documentary evidence provided by the assessee to establish the legitimacy of the loan transactions. However, the AO...