Addition u/s 68 - The burden is upon the assessee to prove the ...

Court Rules Assessee Must Prove Elements u/s 68 of Income Tax Act; Failure Leads to Negative Outcomes.

July 16, 2016

Case Laws Income Tax HC

Addition u/s 68 - The burden is upon the assessee to prove the necessary ingredients of section 68. Once the assessee failed to do so the consequences were bound to follow. - HC

View Source

← Previous Next →

Addition u/s 68 - The burden is upon the assessee to prove the ...

Court Rules Assessee Must Prove Elements u/s 68 of Income Tax Act; Failure Leads to Negative Outcomes.

July 16, 2016

Case Laws Income Tax HC

You may also like:

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

This case revolves around the addition of cash deposits u/s 68 of the Income Tax Act, where the assessees failed to provide credible explanations regarding the source....

Assessee issued shares at fair market value computed as per Rule 11UA(2), but Assessing Officer (AO) and CIT(A) rejected valuation without justification. Statute...

The ITAT, an Appellate Tribunal, addressed the validity of reopening assessment u/s 147 and addition u/s 68. The AO had sufficient material to believe the assessee...

The Appellate Tribunal considered a case involving additions u/s 68 where the assessee declared income u/s 44AD for trading grey clothes. The Assessing Officer deemed...

Addition u/s 68 - genuineness and credit worthiness of the transaction in question - As per HC assessee though has disclosed the source of the deposit but could not...

The Appellate Tribunal upheld the addition u/s 68 as the assessee failed to prove the genuineness of LTCG claimed u/s 10(38). The AO found discrepancies in off-market...

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...

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...

Unexplained cash credit u/s. 68 - primary onus that lay on the assessee to establish the identity, genuineness and creditworthiness of the assessee is being proved...

Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

Ex-parte assessment u/s 144 treated unexplained cash deposits as undisclosed and unexplained income, added to the assessee's total income u/s 68 read with Section 69A....

Addition u/s 68 - unsecured loans - addition only on the basis of the information received from the Investigation Wing ignoring - the investing company has sufficient...

Revision u/s 263 by CIT - On going through the entire order of the ld. CIT(A), other than the theoretical rhetoric, no iota of tangible material has been brought on...

Quick Updates: