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Income Tax - Highlights / Catch Notes

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Addition u/s 68 - assessee submitted all details alongwith ...

Case Laws     Income Tax

April 12, 2019

Addition u/s 68 - assessee submitted all details alongwith affidavit of lenders - all lender also confirm in response to notice 133(6) - all the three ingredients such as identities of the parties, capacity and creditworthiness of the parties and genuineness proved - addition unsustainable

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  1. Addition u/s 68 - taxation u/s 115BBE - the assessee vehemently argued that the assessee has already repaid the entire loan amount of 14 lenders, the details of whom...

  2. Addition u/s 68 - unsecured loans treated as unexplained credit - Onus to prove - AO merely issued show cause notice to the lenders and apparently stopped without making...

  3. Addition u/s 68 - Whether assessee furnished full details regarding the creditors? - ITAT deleted the addition - the assessing officer brushed aside the explanation...

  4. Addition of unexplained credit u/s 68 - assessee could not produce the party for examination before AO or CIT(A) - balance sheet of the lender clearly shows that the...

  5. Addition u/s 68 - unexplained deposits in bank account - The assessing officer has made the addition simply because the assessee failed to produce the lender. Merely...

  6. Addition u/s. 68 - on the amounts received as loan, assessee had paid interest and had also deducted TDS on the interest paid. The factum of lending the money through...

  7. Addition u/s 68 - unsecured loan - Very fairly, the learned Senior counsel has submitted that, specifically that chance of personal hearing, though was not asked by the...

  8. Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

  9. Addition u/s 68 - none of the lenders is alleged to be an entry provider. A perusal of their bank statements reveals that they have given loan to the assessee out of...

  10. Unexplained cash credit u/s 68 - the assessee furnished all such details of the lenders/ depositors. There is no allegation of assessing officer that any of such...

  11. Addition u/s 68 - merely because the bank statement an ITR of the lender were not submitted, in spite of submitting balance sheet and profit and loss account of the...

  12. Addition of explained cash credit u/s 68 - the lenders of funds have not, at any stage, discharged their onus in furnishing documentary evidence in respect of cash...

  13. The Appellate Tribunal considered the issue of addition u/s 68 where the income reported in the ITR was deemed too low to support a high amount advanced. The AO did not...

  14. Addition u/s 68 - unexplained cash credit - Merely because the lenders have not shown the interest income in their return of income, does not mean the assessee has not...

  15. Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal...

 

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