Unexplained loan u/s 68 - Since the assessee explained that ...

Assessing Officer Must Consider Family Loan Explanation for Property Purchase Investment by Assessee.

February 27, 2020

Case Laws Income Tax AT

Unexplained loan u/s 68 - Since the assessee explained that sufficient loan amount have been taken from the family for purchase of property for family, then in that event, A.O. shall have to consider the explanation of assessee in the light of fact that assessee made investment in purchase of property from the family source. - AT

View Source

← Previous Next →

Unexplained loan u/s 68 - Since the assessee explained that ...

Assessing Officer Must Consider Family Loan Explanation for Property Purchase Investment by Assessee.

February 27, 2020

Case Laws Income Tax AT

You may also like:

Reopening of assessment - allegation of undisclosed source of purchase of property - If the Assessing Officer has to say that there are two properties purchased, either...

Benami transaction - availability of joint family property or income - joint family acquisition - Purchase of property in the name of wife (Mrs. A) - Presumption of...

Assessee utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration...

Indirect contribution of wife in the purchase of the property - Joint properties purchased by husband and wife [housewife] - legal owner - the 1st defendant/wife has...

Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

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

Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

The ITAT decided in favor of the assessee, a doctor residing in the United Kingdom. The unexplained cash deposits in the assessee's Indian bank account during the...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written off, as the assessee did not create a provision in the books, which...

Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of purchasing a new property. The assessee, despite jointly...

The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged...

The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's...

Quick Updates: