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Tag Archive: Unexplained cash credits

B.P.Mundra > Unexplained cash credits

Income—‎Unexplained cash credits— Assessee raised share capital and share premium ‎during year under consideration- There cannot be any addition u/s 68 merely ‎because assessee could not produce directors of share subscribing companies -If ‎all necessary ingredients of s. 68 had been duly complied with by assessee and ‎notices issued u/s 133(6) have been duly complied with. Revenue’s appeal ‎dismissed

 56 total views

 56 total views Friends KOLKATA TRIBUNAL on dated Oct 26, 2018 held that Income—‎Unexplained cash credits— Assessee raised share capital and share premium ‎during year under consideration- There cannot be any addition u/s 68 merely ‎because assessee could not produce directors…
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133(6), 68, Cases Income tax

November 16, 2019

When Assessee was able to prove all three components of identity, genuineness and creditworthiness of share application/premium amount received by it, same could not be added to assesse’s income as ‘Unexplained cash credits’ u/s 68

 64 total views

 64 total views Friends it has been hold by Ahmedabad Tribunal on Apr 6, 2018 that When Assessee was able to prove all three components of identity, genuineness and creditworthiness of share application/premium amount received by it, same could not be added to assesse’s…
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143(3), 68, Cases Income tax

November 15, 2019

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    • Consequences of absence of the notice u/s. 143(2) of the Act before framing the assessment order? Answer order liable to to be quashed. RAM NIWAS JAIN vs.ITO. ITAT DELHI on 07-Jan-2021. Section 148: Consequences of granting approval by CIT in a mechanical manner by putting only “Yes”. Answer order liable to to be quashed. RAM NIWAS JAIN vs.ITO. ITAT DELHI on 07-Jan-2021.
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