Home Highlights April 2016 Year 2016 This

You may also like:

1. Unexplained cash credit addition u/s 68 during demonetization period - assessee unable to substantiate contentions regarding cash receipts from sales and debt recoveries...

2. Addition u/s.68 - opening balance of creditors - liabilities which were not credited in the previous year relevant to the assessment year under consideration, the...

3. 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...

4. Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

5. Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove...

6. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

7. Deletion made u/s 68 of the Act – Unexplained sundry creditors – opening balances which could be verified from the books of accounts of the assessee cannot be added in...

8. Addition of trade creditors u/s 68 - unexplained cash credits - AO cannot blow hot and cold at the same time for the reason he has made twin additions out of the trading...

9. Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

10. Addition u/s 69A - unexplained cash deposit - CIT(A) when recorded that without borrowing or having opening cash balance, there is no way the cash deposits for the...

11. Addition u/s 68 - cash deposit in bank account - assessee claimed deposit relates to substantial cash withdrawn and out of opening cash in hand - in absence of any...

12. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

13. Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

14. 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...

15. Addition u/s 68 - Unexplained cash creditors - once it is established that it is the creditors' money that has found its way in the books of the assessee, no adverse...