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 2024 Year 2024 This

The ITAT held that under section 68, the identity, ...


Addition u/s 68 disallowed due to lack of creditor identity & creditworthiness. Additional evidence allowed. Case restored to AO for fresh consideration.

June 7, 2024

Case Laws     Income Tax     AT

The ITAT held that under section 68, the identity, creditworthiness, and genuineness of transactions must be established. Additional evidence can be admitted if parties are aware. The case is remanded to the AO for assessee to provide evidence within 60 days. Rule 30 of Appellate Tribunal Rules, 1963 applies. The appeal grounds allowed for statistical purposes.

View Source

 


 

You may also like:

  1. Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove...

  2. 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...

  3. Transfer of property deemed as short-term capital gain due to holding period less than 36 months, disallowing deduction u/s 54F. Additions for difference in commission...

  4. In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

  5. Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

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

  7. 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...

  8. Addition u/s 68 - Bogus share capital and share premium received. The assessee failed to prove the identity and creditworthiness of the subscriber companies and the...

  9. 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...

  10. 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...

  11. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

  12. Addition u/s 68 - the provision of 68 does not speak about mere belief of the Revenue in regard to the proof of the genuineness of the transaction as well as identity...

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

  14. Addition u/s 68 - Unexplained cash creditors - once it is established that it is the creditors' money that has found its way in the books of the assessee, no adverse...

  15. Addition u/s 68 - share capital and share premium - allegation regarding identity and creditworthiness - non appearance of director - addition cannot be sustained merely...

 

Quick Updates:Latest Updates