Addition u/s 68 - buyback was not genuine and added back the ...

Case Laws Income Tax

March 16, 2024

Addition u/s 68 - buyback was not genuine and added back the buyback amount as unexplained income - Section 68 of the Income Tax Act, 1961, which deals with unexplained credits, was found inapplicable as the transaction was genuine, and the identity and creditworthiness of the company were established. - The tribunal upheld the findings of the Commissioner of Income Tax (Appeals) that the income arising from the buyback of shares was exempt under Section 10(34A) of the Act.

View Source

← Previous Next →

Addition u/s 68 - buyback was not genuine and added back the ...

Case Laws Income Tax

March 16, 2024

You may also like:

Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the...

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...

The court held that action against directors cannot be directly taken u/s 179, and where the company's name is struck off, action can still be taken against the company...

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...

Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

Addition u/s 68 - Unexplained loan - Neither any written contract nor any identity of the Creditor, having been established in the present case, we cannot find any fault...

Addition u/s 68 - unexplained cash credit - capital contribution in cash by the partners - While deleting the additions, the Tribunal held that, if the Ld. AO was not...

Addition u/s 68 - unexplained land advances received back by the appellant - assessee has advanced the amount and also a fact that transaction is not materialized...

Addition u/s 68 - unexplained cash credit - even if the creditworthiness of the investors is not proved, even then it will not automatically give license to the AO to...

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...

Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

Unexplained u/s.68 - un-explained cash credit addition - Huge amount withdrawn from bank - self made vouchers for expenses - AO observed that expenses were not supported...

Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only...

Addition u/s 68 - Applicability of higher rate of tax u/s 115BBE - Sourcing unsecured loan against Cash Deposit - the assessee has failed to explain the source of cash...

Quick Updates: