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 February 2024 Year 2024 This

Addition u/s 69 - repayments of loan/creditor - The ITAT held ...

Case Laws     Income Tax

February 29, 2024

Addition u/s 69 - repayments of loan/creditor - The ITAT held that the loans were duly recorded in the books of accounts and repayments were made through banking channels. The transactions were reflected in the books and thus, the addition under Section 69 was deleted.

View Source

 


 

You may also like:

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

  2. Unexplained peak cash loan - interest expenses on the money borrowed in cash - it is a fact on record that the impugned amount of interest as well as the amount of loan...

  3. Distinction between Section 69 and Section 56(2) regarding unexplained investment and gift. Section 69 requires the Assessing Officer to establish that the assessee made...

  4. Addition u/s 69 - The entire purchase of fixed assets has already been recorded by the assessee in its books of accounts. The source for making payments for such...

  5. Addition u/s 69A - there is no doubt with regard to recording of repayment of loan in the books of account and the source of such fund. - What the Assessing Officer has...

  6. Addition u/s 69A - there is no doubt with regard to recording of repayment of loan in the books of account and the source of such fund. What the Assessing Officer has...

  7. 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...

  8. Assessment u/s 153A - Unexplained investment - It is common practice during search proceedings that the revenue seizes the books of account along with incriminating...

  9. Addition u/s 69 - unexplained investment found in the form of loan given to a party which was not recorded in the books of account of the assessee and the explanation...

  10. Penalty u/s 271D - loan in cash otherwise than an account payee cheque or draft - Assessee has placed on record only the ledger account, from that it is not clear...

  11. 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...

  12. 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...

  13. Valid source of the amount used for repayment of loan amount - assessee claimed the source from the agricultural income, rental income and interest income were assessed...

  14. Addition u/s 68 - unsecured loans - The loan transactions are routed through regular banking channels and reflected duly in the annual accounts of the lender company....

  15. 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...

 

Quick Updates:Latest Updates