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Income Tax - Highlights / Catch Notes

Home Highlights December 2021 Year 2021 This

Addition u/s 68 - the provision of 68 does not speak about mere ...

Case Laws     Income Tax

December 23, 2021

Addition u/s 68 - the provision of 68 does not speak about mere belief of the Revenue in regard to the proof of the genuineness of the transaction as well as identity and creditworthiness of the creditors but must have a clear finding on this aspect - Main ingredients of the provision of Section 68 has not been satisfied - Additions confirmed - AT

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  8. Addition u/s 68 - unsecured loans - the AO did not acknowledge the confirmation along with PAN number, ITR and bank account of the appellant which were very relevant...

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  10. Addition u/s 68 – Genuineness of transaction in shares - genuine or sham and bogus – Revenue in failing to discharge the basic onus - inquiry was not carried forward -...

  11. 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...

  12. Reopening of assessment - Addition u/s 68 - unsecured loans treated as bogus - reassessment merely based on information from investigation wing held unjustified. Powers...

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