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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Addition u/s 68 - assessee failed to prove that income is ...

October 15, 2018

Case Laws     Income Tax     AT

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 income from other sources u/s 68

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  2. 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...

  3. Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. Addition u/s 68 - Deeming fiction applies in the hands of the person in whose book’s sums are credited. There it ends, such deeming fiction cannot travel to other...

  10. Addition made by the AO by treating the agriculture income as income from other sources - The genuineness of the additional document filed by the assessee has nowhere...

  11. Addition u/s 68 - in the absence of any material on record that what is the ‘other income’ of the assessee except that of agriculture income - there is no question of...

  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. 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....

  14. Addition u/s 68 - unexplained cash credit - CIT(A) failed to appreciate the simple accounting entry that when the assessee’s proprietorship concern received a sum on...

  15. 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...

 

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