Reopening of assessment u/s 147 - Addition u/s 68 - transaction ...

Court Deletes Additions After Assessee Proves Source of Funds in Share Sale u/ss 147 and 68.

November 19, 2020

Case Laws Income Tax AT

Reopening of assessment u/s 147 - Addition u/s 68 - transaction of the sale of shares - Assessee has explained the source of the source of funds available with buyer which is paid to the assessee, supported by the fact of the existence of the assets, its transfer to the buyer by assessee. - Additions deleted - AT

View Source

← Previous Next →

Reopening of assessment u/s 147 - Addition u/s 68 - transaction ...

Court Deletes Additions After Assessee Proves Source of Funds in Share Sale u/ss 147 and 68.

November 19, 2020

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - share capital and share premium - any addition which deserved to be made should have been made in the hands of the share applicants who have shown...

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

Addition u/s 68 - increase in share capital and share premium - As source of source is proved by the assessee in the instant case though the same is not required to be...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

The ITAT, an Appellate Tribunal, addressed the validity of reopening assessment u/s 147 and addition u/s 68. The AO had sufficient material to believe the assessee...

Addition u/s 68 - Unexplained cash deposits - Provision to section 68 inserted w.e.f. 1.4.2013 requires the assessee to prove the source of source. This proviso shall...

The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

Unexplained share capital and premium received by assessee company was its own unaccounted money flowing back in form of premium on share allotment. Assessee filed...

Addition u/s. 68 - cash credit - assessee's onus to prove genuineness of the transaction - share capital and share premium - the source of source of source is proved by...

Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

The assessee successfully discharged the onus u/s 68 regarding share capital introduced by the company director, a major shareholder, proving identity, creditworthiness,...

AO rejected DCF method for valuation of shares issued as rights issue to existing shareholders. Instead, AO applied NAV method u/r 11UA determining FMV at Rs.3.07 per...

The ITAT held: Long term capital gain was to be computed allowing deduction for indexed cost of acquisition and exemption u/s 54B. Addition u/s 68 for unexplained...

Addition u/s 68 - addition on account of share capital - the investor companies have withdrawn money from companies where funds were invested earlier and they invested...

The ITAT considered an addition made u/s 68 for the sale of shares as an 'unexplained source of investment'. The assessee, a foreign company tax resident of Mauritius,...

Quick Updates: