Addition u/s 68 - Creditworthiness of the Loan Lender - ...

Case Laws Income Tax

May 16, 2024

Addition u/s 68 - Creditworthiness of the Loan Lender - Genuineness of the Transaction - The Tribunal set aside the matter to the AO for a thorough examination of the creditworthiness of the loan lender. The appellant is required to furnish all necessary documents to establish the authenticity and creditworthiness of the loan creditor. The AO is instructed to allow reasonable opportunity for the appellant to present supporting evidence.

View Source

← Previous Next →

Addition u/s 68 - Creditworthiness of the Loan Lender - ...

Case Laws Income Tax

May 16, 2024

You may also like:

The Appellate Tribunal considered the issue of addition u/s 68 where the income reported in the ITR was deemed too low to support a high amount advanced. The AO did not...

Addition u/s 68 - unexplained cash credit - unsecured loan - the assessee has not been able to establish the creditworthiness of lender nor has he been able to establish...

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

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....

Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal...

Addition u/s 68 - proof of identity, creditworthiness and genuineness of the loan obtained - loans have been advanced by the companies through banking channels or from...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

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...

Addition of explained cash credit u/s 68 - the lenders of funds have not, at any stage, discharged their onus in furnishing documentary evidence in respect of cash...

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 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

The Appellate Tribunal held that the Assessing Officer erred in making additions u/s 68 for unsecured loans and disallowing interest component. The assessee demonstrated...

Unsecured loan obtained from companies u/s 68 – Creditworthiness and genuineness of transaction – assessee was rerouting its own funds was based on surmise - no addition - HC

Additions on account of Bogus unsecured loans and bogus share capital money - Revenue argued that the unsecured loan from entities controlled by a hawala operator should...

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...

Quick Updates: