Addition u/s 68 - unexplained money in the guise of share ...

Tax Department Fails to Prove Bogus Transactions; Section 68 Addition Overturned Due to Lack of Evidence.

January 21, 2017

Case Laws Income Tax HC

Addition u/s 68 - unexplained money in the guise of share transactions - blue chip companies - rates at which purchases and sales had been made could not be shown to be manipulated - The department was unable to discharge the burden that was on it to prove that the transactions were in any manner bogus or fictitious. - HC

View Source

← Previous Next →

Addition u/s 68 - unexplained money in the guise of share ...

Tax Department Fails to Prove Bogus Transactions; Section 68 Addition Overturned Due to Lack of Evidence.

January 21, 2017

Case Laws Income Tax HC

You may also like:

Medical negligence requires proving the medical professional lacked requisite qualification, skill or failed to exercise reasonable care. Mere unfavorable outcome or...

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 overturned multiple additions made by AO regarding property transactions and unexplained cash receipts. On capital gains computation under s.50C, ITAT directed...

The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

Bogus shareholders – when full details known to department, no additions be made u/s 68 - HC

Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers,...

Goods under dispute were sawn New Zealand pine logs classified under CTH 4403 by the importer, while the department sought to reclassify them under CTH 4407. The key...

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...

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department...

Penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - adjustment made u/s 92CA - penalty levied u/s 271(1)(c) on the adjustment made u/s 92CA is not...

Revocation of a customs broker's license and imposition of penalty under the Customs Brokers Licensing Regulations, 2018. The key points are: The finding that the...

The ITAT held that interest disallowance was not justified as borrowed funds were invested in equity shares, not loans. Disallowance of land acquisition cost was...

Bogus transaction in the scrip - bogus LTCG - Onus to prove - Income generated by the assessee cannot be held bogus only on the basis of the modus operandi,...

Addition u/s 68 - bogus share capital & share premium - The assessee failed to prove that the transactions of share application money is genuine and the creditworthiness...

Quick Updates: