Addition u/s. 68 - proof of creditworthiness or genuineness - ...

Case Laws Income Tax

May 20, 2017

Addition u/s. 68 - proof of creditworthiness or genuineness - Mere payment by account payee cheque is not sacrosanct nor can it make a non-genuine transaction genuine - accounts were used only for the purpose of providing accommodation entries - additions confirmed - AT

View Source

← Previous Next →

Addition u/s. 68 - proof of creditworthiness or genuineness - ...

Case Laws Income Tax

May 20, 2017

You may also like:

Addition u/s 68 - the provision of 68 does not speak about mere belief of the Revenue in regard to the proof of the genuineness of the transaction as well as identity...

Addition u/s. 68 being unsecured loans - onus to prove - The ITAT held that, primary onus can be discharged by establishing/furnishing the proof of the identity of the...

The assessee successfully discharged the onus u/s 68 regarding share capital introduced by the company director, a major shareholder, proving identity, creditworthiness,...

The assessee company received share capital and share application money from 13 share applicants. The Assessing Officer (AO) made an addition u/s 68, alleging that the...

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...

Unexplained share capital and premium received by assessee company was its own unaccounted money flowing back in form of premium on share allotment. Assessee filed...

Additions u/s 68 - cash credit -AO doubted the creditworthiness or the genuineness of the transaction on the basis of mere presumption and suspicion without properly...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

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...

Power of CIT(A) in enhancing the addition - violating the law u/s 251(2) - enhancement of addition made u/s. 68 - the assessee had discharged its onus to prove the...

Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided....

Addition u/s 68 - Unexplained loans - the appellant by filing ample documentary evidences sought to justify the identity and creditworthiness of the parties and...

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Addition u/s 68 - unexplained share application money - It is not a case that the assessee had filed merely a confirmatory letters of share applicants but it is a case...

Addition u/s 68 - unexplained cash credits - Addition on account of loans received - it is clear that the onus required to be discharged with respect to identity,...

Quick Updates: