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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Revision u/s 263 - re-verification of unsecured loans and ...

Case Laws     Income Tax

August 21, 2019

Revision u/s 263 - re-verification of unsecured loans and creditors - unless the CIT brings on record to show that the order of the AO is erroneous, as the same was passed without application of mind or the AO had made an incorrect assessment of fact or incorrect application of law, order passed u/s 263 relegating back the matter to the AO is unsustainable

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  8. AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made...

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  10. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

  11. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

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  14. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

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