Addition u/s 68 - increase in share capital and share premium - ...

Section 68 Review Finds No Capital Increase Needed; Assessee Proves Source Validity with Bank Statement Evidence.

December 28, 2020

Case Laws Income Tax AT

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 done by the assessee as per law as it stood/ applicable in this assessment year. The share applicant has confirmed the share application as well as the payments made to the assessee company, which are duly corroborated with their respective bank statements and all the payments are by account payee cheques. - no addition was warranted under Section 68 - AT

View Source

← Previous Next →

Addition u/s 68 - increase in share capital and share premium - ...

Section 68 Review Finds No Capital Increase Needed; Assessee Proves Source Validity with Bank Statement Evidence.

December 28, 2020

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - Unexplained credit - scope of amended provisions of section 68 - onus to prove source of source - Although, the issue before us pertains to assessment...

Unexplained cash credit u/s. 68 - primary onus that lay on the assessee to establish the identity, genuineness and creditworthiness of the assessee is being proved...

Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

Addition u/s 68 - AO was not satisfied with the source of source aspect of the investors - The Tribunal agreed with the CIT(A)'s findings that the assessee company had...

Addition u/s 68 - increase in share capital - assessee has not only proved the creditworthiness of the said share holders but also proved the source of the source, for...

Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

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...

Addition u/s 68 - genuineness and credit worthiness of the transaction in question - As per HC assessee though has disclosed the source of the deposit but could not...

Addition u/s 68 - genuineness and credit worthiness - It is evident that the assessee though has disclosed the source of the deposit but could not establish the nature...

Addition u/s 68 - unsecured loans - addition only on the basis of the information received from the Investigation Wing ignoring - the investing company has sufficient...

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...

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...

Assessment of trust - addition being loans from three parties - It is well settled Law that assessee need not to prove source of the source. A.O. entirely on different...

Undisclosed income u/s 68 - In the present case the assessee has explained the nature and source of the amount in question and to substantiate his contention submitted...

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

Quick Updates: