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Income Tax - Highlights / Catch Notes

Home Highlights May 2012 Year 2012 This

Addition u/s 68. - VDIS scheme - Retraction of statement - ...


High Court Upholds Addition u/s 68 of Income Tax Act; Assessee Fails to Prove Claims in VDIS Case.

May 1, 2012

Case Laws     Income Tax     HC

Addition u/s 68. - VDIS scheme - Retraction of statement - Assessee failed to discharge the onus - HC

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  1. Additions u/s 68 - income from un-disclosed sources - Agriculture Income or not - exemption of income u/s 10(1) read with Section 2(1A) denied - onus to prove - The...

  2. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

  3. 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...

  4. Addition u/s 68 - assessee failed to prove that income is agriculture income as claimed - the sum that is credited to the book of account has to be necessarily added as...

  5. Addition u/s 68 - unsecured loans Addition u/s 2(22)(e) - Deemed dividend - The Tribunal found merit in the Assessee's submissions, noting that all relevant documents...

  6. 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...

  7. The ITAT ruled that additions under section 69A regarding unexplained income were unjustified as the Assessing Officer failed to prove that cash withdrawals were used...

  8. 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...

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

  10. 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...

  11. Addition u/s 68 - unexplained cash credit - even if the creditworthiness of the investors is not proved, even then it will not automatically give license to the AO to...

  12. 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...

  13. Addition u/s 68 - unexplained credit - Onus to prove - share capital introduced - the assessee failed to explain the sources of investment of cash of Rs. 10 lacs each by...

  14. Addition u/s. 68 - apart from identity other ingredients like creditworthiness and genuineness of transaction required to be proved in support of claim u/s. 68 - CIT(A)...

  15. 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...

 

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