Addition of gift & loan u/s 68 - if A.O. has not issued summons ...

Case Laws Income Tax

August 4, 2012

Addition of gift & loan u/s 68 - if A.O. has not issued summons to the donors/cash creditors or commission to ITO, Bhiwani, for further verification of the fact the addition confirmed by the CIT(A) is not justified - AT

View Source

← Previous Next →

Addition of gift & loan u/s 68 - if A.O. has not issued summons ...

Case Laws Income Tax

August 4, 2012

You may also like:

Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

Addition u/s 68 - receipt of gift - the primary onus to establish the identity and creditworthiness of the concerned donors as well as the genuineness of the relevant...

Addition u/s 68 - So far as the two other donors are concerned, we find that both of them are agriculturist which is supported by their land holdings. The amounts of...

Addition u/s 68 - Unexplained loan - Neither any written contract nor any identity of the Creditor, having been established in the present case, we cannot find any fault...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits – Very genuineness of the transaction was not...

Addition u/s 68 - unsecured loan - unexplained cash credit - the assessee has discharged the primary onus by proving the identity of the creditor, genuineness of the...

Addition u/s 68/56(2)(v) - Donors very grim financial background does not justify gift of such a large sum, creditworthiness/financial capacity of donors not proved....

The ITAT Kolkata held that the addition on a protective basis made by the Assessing Officer in the hands of the assessee, concerning a loan received from a director and...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Addition u/s 68 and 69C - It is neither the AO’s case that the loan creditors are not income-tax assessee’s nor has he alleged that the documents and evidences furnished...

Addition u/s 68 - Unexplained cash creditors - once it is established that it is the creditors' money that has found its way in the books of the assessee, no adverse...

Addition u/s 68 - unsecured loan - Merely filing the bank statement by the assessee would not discharge the onus cast upon it to prove the creditworthiness of the loan...

Quick Updates: