Tag Archive: Section 68

Can show cause notice be called the draft assessment order. as required under sub clause (xvi) of sub Section (1) of Section 144B?

Shreeji Investment & Advisory Services Vs National Faceless Assessment Centre (Bombay High Court) Appeal Number : Writ Petition (L) No. 13235 of 2021 Date of Judgement/Order : 25/10/2021 Related Assessment Year : Courts : Bombay High Court Can show cause…
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144B, 144B(1), 144B(1)( (xvi), Bobmay High Court, In Favour of Assessee

November 1, 2021

ITAT DELHI Nov 6, 2020 held that Section 68 is applicable only when the explanation offered by him is not in the opinion of the Assessing Officer satisfactory in respect of the sum so credited / loan taken. The explanation offered by the assessee that the bank account and the capacity of the creditor who have given the loan amount was proved through ITR details of the said parties along with bank statements and confirmations which clearly shows the proper balance in their respective bank accounts and their capacity to loan the amount to any other party as well. Sum credited in the bank account of directors immediately before the issue of cheque to the appellant is not a ground to hold that sum received is unaccounted income. BMR PLYMERS (P) LTD. vs. ITO

BMR PLYMERS (P) LTD. vs. INCOME TAX OFFICER IN THE ITAT DELHI BENCH ‘A’ S. PANNU, VP & SUCHITRA KAMBLE, JM. ITA No. 5936/DEL/2017 Nov 6, 2020 Section 68, 133(6) AY 2012-13 Decision in favour of: Assessee …
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133(6), 68, AY 2012-13, Cash Credit, Delhi, Delhi Tribunal, In favour of Assessee (Partly)

November 13, 2020

KOLKATA TRIBUNAL on 8.9.2019 held that Section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO’s record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. In the facts and circumstances of the case, no addition was warranted under Section 68 of the Act. The amount of Rs. 31,75,000/-, as it pertains to the previous assessment year is deleted and for balance sum of Rs.2,66,00,000/- received during the year, the assessee has proved identity, genuineness and creditworthiness of the share subscribers, hence, same is deleted. (Para 38) EVERGREEN RESIDENCY PVT. LTD. vs ITO

EVERGREEN RESIDENCY PVT. LTD. vs. INCOME TAX OFFICER KOLKATA TRIBUNAL A.T. VARKEY, JM. & DR. A.L. SAINI, AM. ITA No. 416/Kol/2018 Aug 9, 2019 (2019) 56 CCH 0386 KolTrib Legislation Referred to Section 68, 69, 106, 131, 133(6), 143(2), 143(3),…
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106, 131(1), 133(6), 143(2), 143(3), 260A, 263-Revision of orders prejudicial to revenue, 271(1)(c), 68, 69, Cases Income tax, ITAT Mumbai, Section 4 of Bankers Book Evidence Act 1891

November 16, 2019

किसी से उधार लिए हुए रुपए के संबंध में उसकी creditworthiness, genuineness उसके साथ हुए एग्रीमेंट को नहीं प्रस्तुत करने पर धारा 68 में एडिशन हो जाएगा

why the so-called creditors would lend such huge unsecured, interest free loans – that too without any agreement. In the absence of the same, the creditors fail the test of creditworthiness and the transactions fail the test of genuineness. Liable…
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68, Cases Income tax

November 15, 2019