Addition u/s 68 - unsecured loan - Merely filing the bank ...

Case Laws Income Tax

June 27, 2022

Addition u/s 68 - unsecured loan - Merely filing the bank statement by the assessee would not discharge the onus cast upon it to prove the creditworthiness of the loan creditor and genuineness of transaction particularly when the cash was deposited in tranches within a short spam of about ten days before issuing a D.D. in favour of the assessee. - Additions confirmed - AT

View Source

← Previous Next →

Addition u/s 68 - unsecured loan - Merely filing the bank ...

Case Laws Income Tax

June 27, 2022

You may also like:

The Appellate Tribunal held that the Assessing Officer erred in making additions u/s 68 for unsecured loans and disallowing interest component. The assessee demonstrated...

Addition u/s 68 - unsecured loan - ITAT, turning a blind eye, has erred in holding that, assessee has discharged his onus merely because the money was advanced through...

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 - Unsecured Loans - onus to proof - Assessee had also paid interest on the unsecured loan after deducting TDS @20% which reveals that during subsequent...

Addition u/s 68 - Bogus unsecured loan - The assessee no doubt has produced bank statement/confirmation of the entities from which the money found its place in the bank...

Addition u/s 68 - In this case, the AO has made additions only on the basis of statement recorded from third party ignoring various evidences filed by the assessee to...

Validity of assessment under section 153A - addition u/s 68 - By simply referring to General findings of investigations wing at Kolkata entry operators providing bogus...

Addition u/s 68 - unsecured loan - unexplained cash credit - the assessee has discharged the primary onus by proving the identity of the creditor, genuineness of the...

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...

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...

Unexplained Unsecured Loans - Additions made by the ld.AO in the case of assessee are against the principles laid down u/s.68 - no addition could have been made by the...

Addition u/s 68 - unsecured loans received - sole reason for confirming the addition was low income tax return in the year of issue whereas it was contended that it is...

Unexplained cash credits u/s 68 were added due to assessee's failure to discharge onus regarding bogus share capital including premium receipts. Despite filing...

Addition u/s. 68 being unsecured loans - onus to prove - The ITAT held that, primary onus can be discharged by establishing/furnishing the proof of the identity of the...

Bogus loans u/s 68 - unsecured loans from the three loan creditors and interest on loans - reliance on third party statement - The ITAT upheld the CIT(A)'s order,...

Quick Updates: