Penalty under section 271D - Though the assessee has made an ...

Case Laws Income Tax

December 11, 2015

Penalty under section 271D - Though the assessee has made an endavour to project the loan taken as amount received as a trustee by virtue of power of attorney but, in our view, such plea of the assessee is on thin ground. Had it been a case of holding the money of the lady in trust, the assessee would not have shown it as loan in its books of account and financial statement. - AT

View Source

← Previous Next →

Penalty under section 271D - Though the assessee has made an ...

Case Laws Income Tax

December 11, 2015

You may also like:

Levy of penalty u/ss 271D and 271E was challenged - default u/ss 269SS and 269T - assessee received and repaid cash loans from directors and related concerns - assessee...

Additions as interest income - compensation received by the assessee - As the business of assessee was set up and had started and there was huge investment made by...

Addition u/s 37(1) - disallowing interest provided on loan - loan was used to purchase shares - Assessee received loan in earlier years on which interest is also paid...

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...

Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

Unexplained cash credit - In fact, the loans are taken from close family members and friends. It is not a case of the AO that the assessee had taken loans from certain...

The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current...

Addition u/s 41(1) or u/s 28 - waiver of working capital loan - In respect of principal amount, though the assessee has gained the benefit by way of one time settlement...

Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

Disallowance u/s. 2(22)(e) - assessee has received unsecured loan and assessee company from whom it has obtained unsecured loan there were two common directors - Since...

Addition u/s. 28(iv) - waiver of loan - value of benefit arising from business of the assessee - the assessee has received loan from certain parties for the purpose of...

Deemed dividend u/s 2(22)(e) - Assessee contention the amount is not a loan taken from PASPL rather said amount is a security deposit received in terms of agreement...

Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan...

Quick Updates: