Addition u/s 68 - proof of identity, creditworthiness and ...

Section 68: No Addition for Loans via Banking Channels Due to Lack of Adverse Info or Cash Deposit Allegations.

June 20, 2019

Case Laws Income Tax AT

Addition u/s 68 - proof of identity, creditworthiness and genuineness of the loan obtained - loans have been advanced by the companies through banking channels or from their own funds and there is no allegation of the AO that there was cash deposits in the bank accounts by these lenders before providing loans and there was no adverse information with the AO in respect of the lenders - no addition

View Source

← Previous Next →

Addition u/s 68 - proof of identity, creditworthiness and ...

Section 68: No Addition for Loans via Banking Channels Due to Lack of Adverse Info or Cash Deposit Allegations.

June 20, 2019

Case Laws Income Tax AT

You may also like:

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...

The ITAT Surat ruled on unexplained cash credit u/s 68, finding the assessee proved identity, creditworthiness, and genuineness of unsecured loan receipts. Repayment...

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 u/s 68 - evidences about the receipt of the cash and repayment of the cash despite those persons having proper bank account - whole explanation of the assessee...

The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

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...

Addition u/s 68 - unsecured loans - The loan transactions are routed through regular banking channels and reflected duly in the annual accounts of the lender company....

Addition u/s 68 - unexplained loan - unexplained cash credit - once the amount of loan received through banking channel and repayment of the same along with interest...

Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only...

The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current...

The Appellate Tribunal held that the Assessing Officer erred in making additions u/s 68 for unsecured loans and disallowing interest component. The assessee demonstrated...

Addition of unexplained cash credit u/s 68 - bank account can’t be loosely called as books of account u/s 68 - ITAT can’t covert the addition from section 68 to section...

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 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

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...

Quick Updates: