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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

Addition u/s. 68 - cash credit - assessee's onus to prove ...

Case Laws     Income Tax

June 26, 2018

Addition u/s. 68 - cash credit - assessee's onus to prove genuineness of the transaction - share capital and share premium - the source of source of source is proved by the assessee in the instant case though the same is not required to be done - No additions.

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

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

  10. 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...

  11. 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...

  12. 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...

  13. Addition u/s 68 - We do not understand proposition of the assessee that cash had changed the hands from the company to its promoter–Director without any reason and there...

  14. Unexplained cash credit u/s. 68 - Onus to prove - By observing that the assessee in the present case, has been able to discharge the initial burden to establish the...

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