Once loan transactions between the assessee and the creditor has ...

Case Laws Income Tax

February 21, 2020

Once loan transactions between the assessee and the creditor has been found to be genuine transactions, which satisfies the conditions prescribed u/s 68, then interest paid thereon cannot be considered as unexplained expenditure. - AT

View Source

← Previous Next →

Once loan transactions between the assessee and the creditor has ...

Case Laws Income Tax

February 21, 2020

You may also like:

Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to...

Unexplained unsecured loan - the necessary papers to establish genuineness of the transaction were filed and the assessee had proved beyond doubt the identity of the...

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...

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 unsecured loans - the assessee in reply had submitted that the contract can be either verbal or written and simply non availability of a written contract...

The assessee company had shown the liability as outstanding amounts payable to three disputed creditors in its balance sheet as of 31.03.2015. The assessee provided...

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...

The Appellate Tribunal dismissed the assessee's appeal regarding the revision u/s 263 concerning unsecured loans received. The Principal Commissioner found that the...

Penalty u/s 271E - violation of the provision of section 269T - assessee has repaid the loans and advances received from various creditors otherwise than by crossed...

The Corporate Debtor denied the existence of a loan agreement with 12% interest, as claimed by the Financial Creditor in the Section 7 application. To qualify as a...

Addition u/s 68 - genuineness of transactions - Authorities below have not further discharged the onus shifted onto their shoulders to bring on record any positive...

Addition u/s 68 - allegation that assessee had taken bogus loans from individuals who were engaged in cheque discounting activities - if the transaction is through...

Addition of loan creditors - loan from farmers (having agriculture income) - AO has categorically mentioned that all of them are uneducated and having meagre...

Alleged fraudulent transactions and non-genuine losses claimed by the assessee in currency option trades on the United Stock Exchange (USE). The key points are: The...

Addition u/s 68 - onus prove - non-compliance by the lender - Treating the loan transaction as a mere accommodation entry - The Tribunal observed that loose paper found...

Quick Updates: