Addition on account of undisclosed income - Addition u/s 68 - ...

Undisclosed Income u/s 68 Challenged; Genuine Loan Repayment Confirmed Despite Non-Notification of Wife's Death.

April 25, 2020

Case Laws Income Tax AT

Addition on account of undisclosed income - Addition u/s 68 - Merely because, husband did not inform the death of her wife to the bankers, the entire transaction of return of loan by assessee firm to Late wife and issue of cheque by husband of his late wife who was joint signatory in the bank account cannot be held to be non-genuine. - AT

View Source

← Previous Next →

Addition on account of undisclosed income - Addition u/s 68 - ...

Undisclosed Income u/s 68 Challenged; Genuine Loan Repayment Confirmed Despite Non-Notification of Wife's Death.

April 25, 2020

Case Laws Income Tax AT

You may also like:

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 - unsecured loans received - sole reason for confirming the addition was low income tax return in the year of issue whereas it was contended that it is...

Non-genuine unsecured loan u/s. 68 - When part of the loans taken from the same lender has been accepted by the Assessing Officer as genuine, then it is not...

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 unsecured loan u/s 68 - interest free unsecured loan received from a close friend in Dubai to fund ongoing project with a condition that amount will be...

Unexplained cash credit u/s.68 - Mere repayment of the loans subsequently does not make the original acceptance of loan as genuine. Such an argument is against the...

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 summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income,...

Valid source of the amount used for repayment of loan amount - assessee claimed the source from the agricultural income, rental income and interest income were assessed...

Unexplained unsecured loan u/s. 68 - AO inter-alia observed that the assessee has shown squared off unsecured loans allegedly received from an entity - bona fides of...

Unexplained cash credits u/s 68 - There is no justification in treating the loans raised by the assessee from the said companies as unexplained cash credits u/s 68 -...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Addition u/s 68 - buyback was not genuine and added back the buyback amount as unexplained income - Section 68 of the Income Tax Act, 1961, which deals with unexplained...

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...

Quick Updates: