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 June 2023 Year 2023 This

Addition u/s 69A - loan transaction treated as an income ...


Loan Transaction Not Unexplained Income: Assessing Officer's Decision u/s 69A Overturned.

June 1, 2023

Case Laws     Income Tax     AT

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 explanations/evidences explaining the source of the loan transaction. - the AO is not correct in treating the loan transaction as an income u/s.69A - AT

View Source

 


 

You may also like:

  1. 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...

  2. 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...

  3. Addition u/s 69A - unsecured loans - interest expenditure - The case involved disputes over the addition of unsecured loans under section 69A and the disallowance of...

  4. 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...

  5. Cash deposits during the demonetization period were recorded in the books of accounts, with the source maintained. The Assessing Officer invoked Section 69A and charged...

  6. Unexplained jewellery seized during search and seizure operations treated as explained based on assessee's high income and family status. Assessing Officer's addition...

  7. 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,...

  8. Section 263 revision - Unexplained income u/s 69A read with Section 115BBE - Cash seized shown as 'income from other sources' - Whether to be treated as unexplained...

  9. The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

  10. Reopening of assessment for bogus purchases was upheld as the Assessing Officer had credible information of money laundering and foreign outward remittances by entities...

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

  12. The High Court held that the acquisition of the trademark 'FABINDIA' during the financial year 2006-07 could not be treated as an international transaction within the...

  13. Assessment u/s 153A - Addition u/s 69A by the Assessing Officer on account of difference in amount credited in bank and sale proceeds shown in the income tax return. It...

  14. The Appellate Tribunal dismissed the assessee's appeal regarding the revision u/s 263 concerning unsecured loans received. The Principal Commissioner found that the...

  15. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

 

Quick Updates:Latest Updates