Addition u/s 68 - if the depositor a partner or any other ...

Depositor's Acknowledgement Shifts Burden: Assessee Firm Cleared u/s 68 of Income Tax Act for Credit Entries.

June 10, 2017

Case Laws Income Tax AT

Addition u/s 68 - if the depositor a partner or any other individual owns the entry then the burden of the assessee firm is discharged. It is immaterial whether credits in the name of partners are reflected in the partner’s capital account or current capital account. - AT

View Source

← Previous Next →

Addition u/s 68 - if the depositor a partner or any other ...

Depositor's Acknowledgement Shifts Burden: Assessee Firm Cleared u/s 68 of Income Tax Act for Credit Entries.

June 10, 2017

Case Laws Income Tax AT

You may also like:

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...

Addition u/s 68 - depositor is one of the directors of the company - To discharge the burden which Section 68 casts upon the assessee, at least some plausible...

Addition u/s 68 r.w.s. 115BBE - assessment framed u/s 143(3) - amount being inheritance from his father by way of will - Burden to prove - where the assessee has...

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...

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...

Addition u/s 68 - unexplained share application money - The Tribunal noted that the assessee provided complete details of the share subscribers, their financial...

Transfer of an industrial undertaking from urban to rural area by a partnership firm qualifies for exemption u/s 54G of the Income Tax Act. The assessee, a partner in...

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...

Addition u/s 68 - Identity of third party established - It will not before the assessee thereafter to explain further how or in what circumstances the third party...

The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

Addition u/s 68 on unexplained capital - erroneous filing of ITR and is a result of mistake committed by the assessee partnership firm - the capital introduced by the...

Addition u/s 68 in the hands of partnership firm - capital introduced by five partners, which in turn was out of the loan advanced - The Appellate Tribunal (AT) examined...

Cash credit u/s 68 - assessee is a partner has declared income under IDS 2016 but the declaration failed as the taxes due on income declared was not paid by the firm -...

Assessee failed to file return of income u/s 139 but received notice u/s 148. Despite opting for presumptive taxation scheme u/s 44AD, which does not require maintaining...

Quick Updates: