Home Highlights May 2016 Year 2016 This

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1. Unapproved sundry creditors - credit purchases are nothing but expenditure and if sundry credits are not proved by the assessee addition can be made by the assessing...

2. Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

3. 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...

4. Addition u/s 68 - cash credit - assessee being a share broker - All the equity shares so purchased first came in the Demat account of the assessee broker and then has...

5. Unexplained cash credit addition rightly deleted as amount credited in sales account and offered as income. Non-genuine purchases addition rightly deleted based on...

6. Addition u/s 68 - credit entries reflecting creditors for purchases of goods - The onus is on the assessee to prove the identity of these persons, the means of these...

7. Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

8. The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The...

9. Addition u/s 41(1) - Cessation of liability for sundry creditors - assessee failed to prove the credit balance of these two parties - Assessee has duly acknowledged its...

10. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

11. Addition u/s 68 / 69C - unverified/non-existent /bogus sundry creditors - Assessee also cannot get scot free by not producing the sundry creditors and making purchases...

12. The ITAT Raipur held that no disallowance of interest expenditure was warranted u/s 14A as the assessee had sufficient self-owned funds. Citing the Bombay High Court and...

13. Addition u/s 68 - unexplained credit - Onus to prove - share capital introduced - the assessee failed to explain the sources of investment of cash of Rs. 10 lacs each by...

14. CENVAT Credit - denial of Cenvat Credit on the ground that the appellant have taken the Cenvat Credit suo-moto as they have also filed the refund claim - The appellant...

15. Cenvat Credit - appellants are entitled for input service credit on real estate agent - Credit allowed - AT