Addition u/s 68 - The burden is very heavy on the assessee to ...

Case Laws Income Tax

September 20, 2022

Addition u/s 68 - The burden is very heavy on the assessee to satisfy cumulatively the ingredients of Section 68 as to identity and establish the credit worthiness of the creditors and genuineness of the transaction to the satisfaction of the AO, otherwise the AO shall be free to proceed against the assessee company and make additions u/s. 68 of the Act as unexplained cash credit. - AT

View Source

← Previous Next →

Addition u/s 68 - The burden is very heavy on the assessee to ...

Case Laws Income Tax

September 20, 2022

You may also like:

Addition u/s. 68 - unexplained share capital and premium - the assessee company concealed its own identity, address as well as the identity and address of its directors....

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...

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...

The assessee company received share capital and share application money from 13 share applicants. The Assessing Officer (AO) made an addition u/s 68, alleging that the...

Unexplained share capital and premium received by assessee company was its own unaccounted money flowing back in form of premium on share allotment. Assessee filed...

Revision u/s 263 - Addition u/s 68 - in the light of the judicial precedents and in the light of fact that AO has conducted enquiries in respect of share capital...

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...

Addition u/s 68 - Bogus LTCG - The assessee cannot escape from the burden cast upon him and unfortunately in these cases the burden is heavy as the facts establish that...

Addition u/s 68 r.w.s. 115BBE - assessment framed u/s 143(3) - amount being inheritance from his father by way of will - Burden to prove - where the assessee has...

Addition u/s 68 - Unexplained cash credits - The assessee has not submitted any explanation/ evidences to satisfy the mandate of Section 68 - Even, statement of fact has...

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

Power of CIT(A) in enhancing the addition - violating the law u/s 251(2) - enhancement of addition made u/s. 68 - the assessee had discharged its onus to prove the...

Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided....

Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied...

Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

Quick Updates: