Home Highlights August 2016 Year 2016 This

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1. Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

2. Addition u/s 68 - unexplained cash credit - The assessee had to discharge the primary onus in that regard. The peak credit worked out by the assessee, on the basis that...

3. Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

4. Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

5. Addition of peak credit amount – Unexplained credits – Addition u/s 68 and 69 - only the peak credit can be taken as income out of the deposits made during the year to...

6. Addition u/s 68 - peak credit theory - accommodation entry provider - ITAT went merely on the basis of accountancy, overlooking the settled legal position that peak...

7. The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the...

8. Unexplained cash credit - Profit from commodity trading on NMCE - Though no infirmity either emerges as regards the assumption of jurisdiction by the A.O for reopening...

9. 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...

10. Unexplained cash credits u/s 68 and the applicability of Section 115BBE for taxing such additions. The key points are: The Assessing Officer (AO) issued notices u/s...

11. Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

12. Bogus share transactions were alleged, and the Assessing Officer (AO) denied the assessee's claim for exemption u/s 10(38) by treating the sale consideration of shares...

13. Unexplained cash credits u/s 68 - There is no justification in treating the loans raised by the assessee from the said companies as unexplained cash credits u/s 68 -...

14. Unexplained cash credit u/s 68 - cash received from partners - difference pointed out by the AO as capital introduced by both the partners of the assessee firm different...

15. Addition u/s.68 - unexplained cash deposit into bank - demonetization period - Books of account not rejected - As the treating of the cash deposits an unexplained cash...