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Income Tax - Highlights / Catch Notes

Home Highlights July 2020 Year 2020 This

Addition u/s 68 - Unsecured Loan - merely filing Nil return by ...

Case Laws     Income Tax

July 13, 2020

Addition u/s 68 - Unsecured Loan - merely filing Nil return by lender, if the sources are clearly established with overwhelming evidences of the bank statements of all the concerned parties duly supported by the annual accounts, cannot lead to addition in the hands of the borrower.

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  10. Additions u/s 68 - Merely by providing the Income Tax Return and PAN number is not enough to establish the creditworthiness and genuineness of the unsecured loans.

  11. The Appellate Tribunal considered the issue of addition u/s 68 where the income reported in the ITR was deemed too low to support a high amount advanced. The AO did not...

  12. 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...

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