Addition u/s 68 - there is no fresh credit accepted during the ...

Section 68: No Addition Allowed as No New Credits Accepted; Only Previous Year Credits Regrouped.

August 12, 2016

Case Laws Income Tax AT

Addition u/s 68 - there is no fresh credit accepted during the current financial year. All the credits are transferred from the previous financial year - no addition can be made merely because various loan account has been re-grouped during the current year - AT

View Source

← Previous Next →

Addition u/s 68 - there is no fresh credit accepted during the ...

Section 68: No Addition Allowed as No New Credits Accepted; Only Previous Year Credits Regrouped.

August 12, 2016

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - unexplained credits - The provisions of Section 68 of the Act are attracted in case of unexplained credits during the relevant previous year. Since the...

Addition u/s 68 - old outstanding sundry credit balances - the expression “any previous year” to mean as not referring to all the previous years, but, the previous year...

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...

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...

The ITAT held that the assessment years 2009-10, 2010-11 and 2011-12 were beyond the 10-year limitation period u/s 153C read with Explanation-1 to section 153A. Hence,...

Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

Unexplained Credit – Addition u/s 68 - Additin where fixed deposits taken during the earlier years - fixed deposits renewed during the year - No addition during the...

ITAT ruled in favor of the appellant regarding share capital additions under Section 68. The tribunal found that since cash receipts and corresponding credits occurred...

Addition u/s 68 for director's loan ledger account was made by assessing officer (AO) considering transactions not matching previous year's financial statements....

Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

ITAT dismissed tax authority's appeal regarding additions under sections 68 and 69C. Primary dispute concerned alleged bogus long-term capital gains (LTCG) from penny...

Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

Addition u/s 68 - unexplained cash deposited in bank accounts - Bank account / statement as books - an addition made in respect of a cash deposit in the bank account of...

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...

Quick Updates: