Unexplained money u/s 69A - Unexplained loan - the loan ...

Unexplained Loan u/s 69A Raises Legitimacy Concerns; Lack of Creditor Activity and Creditworthiness Questioned.

January 1, 2022

Case Laws Income Tax AT

Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to the assessee’s bank account - there were no significant bank transactions in the bank accounts of the loan creditors. Needless to mention that banking transaction alone will not make the transactions to be genuine. - From the above it is crystal clear that the creditworthiness of the loan creditors is not established. - AT

View Source

← Previous Next →

Unexplained money u/s 69A - Unexplained loan - the loan ...

Unexplained Loan u/s 69A Raises Legitimacy Concerns; Lack of Creditor Activity and Creditworthiness Questioned.

January 1, 2022

Case Laws Income Tax AT

You may also like:

The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's...

Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

The ITAT Kolkata held that the addition on a protective basis made by the Assessing Officer in the hands of the assessee, concerning a loan received from a director 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,...

Addition u/s 69A - cash loans given by the assessee as unexplained - decoding of the entries in the seized materials - The tribunal found that the assessing officer's...

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 69A - loan transaction treated as an income unexplained - the assessee has recorded the impugned transactions in the books of accounts and has also provided...

Unexplained cash found during the search action - AO has not pointed out any unexplained credit in the books of account, any unexplained investment, any unexplained...

ITAT upheld AO's jurisdiction to examine undisclosed share transaction investments under limited scrutiny assessment. AO's examination of unsecured loans was deemed...

Addition u/s 68 - unexplained unsecured loan - capacity/creditworthiness of creditor - The creditor has given loan to assessee out of proceeds held in Bank A/c from...

Writ application challenging validity of assessment u/s 153C. Unexplained income to be taxed u/s 69A. Appellants instituted statutory appeals before Commissioner of...

Initiation of CIRP - transaction of Financial Debt or not - Loan taken by the Corporate debtor from the sister concern was assigned by the said sister concern to the...

Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

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 -...

Addition u/s 69A - unexplained money - since the assessee is a non-resident Indian and except earning income from fixed deposits, there is no iota of evidence which...

Quick Updates: