Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2013 Year 2013 This

Additions u/s 68 and section 2(22)(e) - addition made is on ...


Income Tax Act: Gift Reclassified as Loan Should Be Added in Year Granted, Not When Reclassified.

January 12, 2013

Case Laws     Income Tax     AT

Additions u/s 68 and section 2(22)(e) - addition made is on account of gift which is nothing but loan - addition if any could have been made in the year of loan - AT

View Source

 


 

You may also like:

  1. The income relatable to earlier year cannot be added to the income of this year - AT

  2. Addition u/s 37(1) - disallowing interest provided on loan - loan was used to purchase shares - Assessee received loan in earlier years on which interest is also paid...

  3. Foreign contribution income recognition based on accrual accounting - assessee recognized income and unspent grant liability for AY 2021-22, offered unspent grant as...

  4. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

  5. The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current...

  6. Benefit of deduction u/s 80IA - portion of the interest attributable on the bank loan - loan not used for business purpose - Contention of the AO that this was a...

  7. This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

  8. Assessment of notional interest on loans - loan has been granted by the assessee to its sister concern - As per the provisions of Sec. 36(1)(iii) AO could have...

  9. 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...

  10. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

  11. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

  12. Benefit of exemption - Approval u/s 10(23C)(vi) was granted to trust as a whole or for specified institution only - We are in complete agreement with the ld....

  13. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

  14. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

  15. Notification grants exemption from specified income u/s 10(46) of Income Tax Act 1961 to Unique Identification Authority of India (UIDAI), a statutory body under Aadhaar...

 

Quick Updates:Latest Updates